Most people expect the Federal Open Market Committee (FOMC) to announce the beginning of tapering after its September 18 meeting, but the pace of structure of tapering is still up in the air. With falling unemployment and strong Fed credibility, Societe Generale analysts Mary-Beth Fisher and Aneta Markowska expect tapering to proceed faster and end sooner than consensus estimates. Fed to announce tapering “Broad consensus in the market is that the Fed will announce the tapering of its large scale asset purchases (LSAPs) at the 18 September meeting,” write Fisher and Markowska. “Estimates for the Fed’s initial reduction of its…