Wall Street is braced for the Federal Reserve to begin reducing the amount of its asset purchases as soon as the fall and believes that most—but not all—of the action is already priced into markets. The 50 respondents to the July CNBC Fed Survey see the Fed reducing quantitative easing in October on average, compared with December in the prior survey. The most popular response was September, chosen by 48 percent of respondents. On average, Wall Street expects the $85 billion of monthly purchases by the Fed to be reduced by $19 billion. Fed Chairman Ben Bernanke, in a series of speeches over the past several months, ... (full story)