It's going to take more than the thus far moderate declines in stocks to shake the Fed from its taper course as leading dove - Chicago Fed boss Charles Evans - tells reporters it would be a "high hurdle" to alter the current $10B per month taper. "It's the right time and approach to moderately reduce our asset purchase pace." As for crumbling emerging markets, he notes the Fed telegraphed the taper long away and the policy shouldn't be a surprise to investors.
There's always another side though, and Evans reminds inflation remains below the 2% target, meaning "highly accommodative policy" will remain in place, i.e. rate hikes are nowhere near on the table. Evans is not a voter on the FOMC this year.