He said a modest reduction in the taper rate would instead "leave a bittersweet taste among just about managing families".
Third, on the flipside, tapering may be so modest that it will barely be noticed by consumers and businesses out in the real economy, away from the frenzy of Wall Street.
The scale of tapering was also quite modest and the Fed, along with other central banks, made it clear that short-term rates will remain low in 2014.Nevertheless, this only creates another puzzle.
ECB president Mario Draghi insisted the central bank would remain ready to beef up its support for the eurozone economy as needed and rebuffed suggestions the plans for more modest bond-buying from next spring represented "tapering", a process by which QE is wound down.
Overall, the encouraging gains in manufacturing that the nation saw in 2010 and 2011 appear to have tapered off, with only modest growth to show for the past year.
Some details of G.D.P. growth for the second quarter support the view that the taper is at hand, notably the modest impact of tighter federal spending on the economy.
The actual water lines were hollowed-out logs, which are tapered at the end with a modest hole in which the water would go through.
But given that the opening amount of the taper could be extremely small ($5bn is probably consensus, but it could be just $1bn-$1bn-$2bnd that it is hardly going to be a surprise, we believe the market's response is likely to be relatively modest.
It feels remarkably solid without being unwieldy thanks to its tapered unibody aluminum frame and its relatively modest 4.7-inch display.
Without this, even a strong payrolls will likely have little impact on the pace of the Fed's tapering schedule, and market reaction could be relatively modest even for a 250,000+ payrolls number.
