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Expand chart
Data: NABE; Chart: Sara Wise/Axios

The business community’s love affair with the Federal Reserve’s unusually accommodative monetary policy may be over.

Why it matters: The Fed has signaled that it expects to soon announce plans to taper quantitative easing (QE), an emergency monetary policy program designed to keep interest rates low and bond markets very liquid.

  • This tapering could introduce problems into the economy if the beneficiaries of the stimulus aren’t ready to see it go.
  • However, if they are prepared, market volatility in light of any announcement could be limited.

By the numbers: The National Association of Business Economics (NABE) recently surveyed its members, which include corporate economists, financial planners, cost analysts and business leaders.

  • As of August, 52% of respondents said monetary policy is “too stimulative,” double the 26% that said so when the survey was last conducted in March.
  • Meanwhile, 47% say it’s “about right,” down from 72% in March.
  • No one (0%) thinks it’s too restrictive, down from 2% in March.

State of play: According to recent Fed minutes, “most” officials agreed this tapering should start by the end of the year if the economic growth stays on track.

What they’re saying: While the NABE didn’t explicitly ask its members if the Fed “should” begin tapering this year, 52% did say that the Fed “will.”

  • "I would guess that at least as high a share would support tapering to begin 2021," Ken Simonson, chief economist at the Associated General Contractors of America, tells Axios.

What to watch: Fed chair Jerome Powell joins the Jackson Hole Economic Policy Symposium remotely on Friday, where he’s expected to present his updated assessment of the economy.

Go deeper: If the Federal Reserve stopped buying mortgages

Go deeper

Taking stock of the market's roller coaster week

Photo: Angela Weiss/AFP via Getty Images

The stock market roller coaster ride this week was real.

Why it matters: This year was on pace to notch a rare milestone: a full 12-months without a pullback of more than 5% in the S&P 500 — until this week helped tip it further out of the running.

Updated 46 mins ago - Politics & Policy

Facebook paying up to $14M to settle employment discrimination claims

Photo: T.J. Kirkpatrick/Bloomberg via Getty Images

Facebook has agreed to pay up to $14.25 million to settle allegations that it discriminated against American workers by reserving positions for temporary visa holders, the Justice Department announced on Tuesday.

Why it matters: The settlement represents the largest civil penalty and monetary award that the Civil Rights Division has recovered in the 35-year history of the Immigration and Nationality Act's anti-discrimination provision.

Updated 3 hours ago - World

Mapping repression in China's Xinjiang region

Data: © Mapbox, © OpenStreetMap; Map: Will Chase/Axios

A sweeping new report released today by an Australian research organization reveals new details about how the Chinese Communist Party — and specifically who within the party — is carrying out its campaign of repression in Xinjiang.

Why it matters: Uncovering the actual offices and individuals implementing the Chinese government's genocide and forced labor policies in Xinjiang can bring accountability and help international companies delink supply chains in compliance with U.S. and EU forced labor laws.

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