Morgan Stanley interest rate strategist Matthew Hornbach is tired of the incessant chattering about "the taper" (the moment when the Fed starts to reduce the pace of monthly asset purchases). Whether it happens in December, January, or March is not that big of a deal anymore. Everyone knows it's coming and the ultimate impact of the timing at this point isn't a big deal. So what should you be talking about: Everything else the Fed does while it tapers. What other language tools will it use in conjunction with a slowing rate of asset purchases? His note is several pages long, but here's the key conclusion (which we ... (full story)