Is the Fed Waiting So Long to Taper?

There is a darned good correlation here between these things. When excess liquidity, m two, is growing faster than economy, stock prices do well and vice versa. This indicators already gone pretty deeply into negative territory in recent months even before the fed has lifted a finger to start tapering. What i'm worried about now is that the fed's potentially waited so long that they're going to start tapered into already an economic downturn when excess liquidity is already being sucked out of the system. It's hard to imagine more pressure on the fed than they're seeing to day to ramp up its tightening.