An analysis of the Federal Reserve's announcement to slow the pace of balance sheet runoff, discussing the implications of tapering quantitative tightening and its impact on market participants. The chapter delves into the lack of dissent within the FOMC, focusing on potential disinflationary trends, readiness to respond to shocks, and the chairman's statements on the labor market. It also covers the data trends related to jobs report and the upcoming meeting's significance in demonstrating independence from political influence.