After a poor first half due to poor weather and a weak yen. Fingers crossed, everybody, that today will be the end when we have to the end of time when we can stop talking about taper. Set taper gossip giving away to cold, hard facts when the feds twoday meeting concludes. The fass dak being up at a 15year peak on tuesday, u. S. Treasuries up for the fifth day in a row and the nikkei up on an eightweek high. Investors appeared calm by the prospects of a modest scale back of stimulus. But what if recent data turns paper light into paper zero . Get a look at some of the estimates for more. Cnbc. Com. Right now for more we have our own inhouse expert here in london. Karen has all the details. These are the estimates to how much the fed will taper. We have got first up let me run you through the numbers. Warptants expect 14. 5 billion to be taken off the table, up absolutely from the Previous Survey which averaged just over 12 billion. The poll of Top Economists said reduction, which is expected to be concentrated in treasuries, has been largely priced in by the markets. Now, jpmorgan analysts have been the most hawkish out there. Theyre predicting the central bank could taper bond purchases by as much as 20 billion. Barclays expects the fed to drop back by 15 billion, 10 from treasury purchases. Goldman sachs is staying in the middle of the road predicting 10 billion to 15 billion worth of tapering. While that is the speculation, what have the key fomc members been saying . Ben bernanke on may 22nd talked about pulling back before the end of the year. Jurimy stein was the first to give a clear indication saying the markets need to take effect consideration all the numbers. Dudley said he thought a decision could take three to four months which is consistent with this time frame of september. Just a few weeks ago, Charles Evans said he could be persuaded that there had been enough of an improvement in the economy to reduce the flow of bond purchases. But James Bullard told cnbc at jackson hole that he didnt think there was a rush to taper and that policymakers could take their time. Thats consistent with the message that he told us a couple of months ago that he wanted to see that inflation was start to go be entrenched in the economy. In terms of one member sure to be voting for tapering thats kansas city president esther george. She calls the asset purchases to be reduced to around 70 billion. That would be consistent with the tapering being taken off the table. Eric rosengren is in favor of tapering but only in small amounts. Janet yellen has been keeping a very low profile since becoming one of the front runners for taking over for ben bernanke. Ross, theres plenty out there with the expectations around the fed. But that is the latest from the individual whisper numbers from key members. Thanks for that. Well have full coverage on cnbc followed by the Rate Decision at 20 cet followed by the ben bernanke press conference at 20 30 cet. Peter, good morning. Good to see you. There hasnt been very much fed speak around. Hasnt been much nudging or winking from members. Does that suggest, actually this is a very tight decision . I think its a very tight decision and i think theyre wary of how much Market Reaction was when they said quite a lot back at the beginning of june and the markets responded very firmly. I think we are going to see a little bit of tapering but i think theyre going to lay on top of that a lot of very dovish speak, which is going to go alongside their forecast which i think is not going to be that much different from what weve already seen. But they dont want Interest Rates changing up even more than they have done already. So i think theyre going to be cleaning on those as much as they can. If they do do a small amount of taper, lets call it 10 billion, round numbers, what the important thing is going to be then, what they say with it. Yeah. I mean i think the most important function of them speak background this in the first place is about reminding markets this isnt forever, this isnt for keeps. This low Interest Rate loss of lid quiddity. So i think thats been an important step in educating the markets as they needed it that this wasnt going to be forever. But now its really a matter of trying to set out on a time path maybe by the middle of next year this Time Next Year we wont see any additional attette purchases. Its not about changing policy tapering is about taking your foot off the accelerator. And theyll make a point maybe they need to buy as much anyway, right . And the government might be issuing less. I dont know. Absolutely. And i think its important not to get too hung up on the exact numbers that come out today. I think they might do a little bit. They might not. They might hold on for a little bit longer. Would that be a mistake . I think it would cause a little bit of consternation simply because theyve laid out the table and they might as well, you know deliver the food that theyve the idea for markets is that you cant do this forever, why not . Exactly. Exactly. I mean i think if they err on the other side and Interest Rates start going up even more quickly than they want thats going to cause problems for central bankers on the other side of the atlantic. Thats the other interesting dimension for this. But theres been a lot of collateral implications for emerging markets. Have we seen market rates rise high enough for the year and the fact that summers isnt going to get does that mean 3 is a top for u. S. Treasury yields and weve capped out the rising gilt and bund yields . Yeah. Who knows. It could even ease back a little bit this year. But i mean its all about time horizon. Whether 3 is a peak for this year is one question. Obviously, in the longer run, Interest Rates are going to grind back up. But thats much more about what happens over the next couple of years versus over the couple of months. At the same time citys fx team diagnosed the markets with critic fedigue syndrome. This is after taper talk has been sending everyone in a tizzy for months. Here is evidence of the affliction here on cnbc. Since the taper comments on the beginning of map. The whole word tapering has taken on a life of its own. It seems like weve been debating taper every since the ben bernanke threw the possibility out there. A true taper. How much do they taper . When we look at tapering in the United States. Just a few weeks ago, everyone was preparing for september almost unanimously. Pedalling back from the taper tough. Filing back. Reaching in as i like to say. Totally obviously is the first. Does this change your view in terms of when you think taper might start sfp. September tapering is almost certain. Every day that gets bit here were getting closer to taper. Taper in september. Your taper call. Tapering this month. Taper in september. I hate to mention the word taper again because i know weve said it probably a hundred times. The beginning of the taper might be the beginning of the end. So how are you investors going to wean themselves off the taper talk . According to the british telegraph paper, the British Government is considering putting in drunk tanks to help to sober up. So we all thought maybe we need a taper tank if we overdo the taper talk should we all go into a taper tank until we have sobered up . Send us your cure for tapertoxcation. Worldwide exchange cnbc. Com, rosswestgate rosswestgate. Taper tank. You said it twice in a row. Get the gun ready. Are we trading ahead of the fed decision . Could you even see the dow jobs stoxx 600 as you can see at the moment. Five to four advancers outpacing decliners. Were up near the session high. The ftse yesterday was down 52 points. But interestingly enough, city is predicting that it will be above 8,000 by the end of next year. Right now, the ftse 100, let me pull it up for you. You can see where were currently trading. Tate a bit of a time to pop it through. 6,5811. Just 111 points higher. Well look at individual stocks in a moment. Xetra dax is 0. 25 higher. Along with the cac 40. German elections, finally getting those out of the way this weekend. And the ftse mib, up 0. 5 . Today we might hear from the senate. There is speculation that berlusconi whatever happens, will reaffirm his commitment to the Italian Coalition government and weve seen the italian bond yields come down as a result as well. Lets get out to stephane for more news on the stocks moving in paris. Stephane. Hey, ross. Weve got two major stories today. One of them is regarding peugeot citron. According to lizico the french carmaker has appointed two investment banks to work on the final shape of the alliance. It has not been decided because peugeot would like to keep its existing partnership with General Motors in europe. The problem for peugeot is that gm can cancel the partnership at any time if another carmaker takes more than 10 of peugeot citron. For that reason the french carmaker is working on two scenarios. One is a Capital Exchange basically. The second option would be a joint venture dedicated only on emerging markets. Thats only if General Motors does not accept the first option from the Strategic Point of view 37 that would be very good news for peugeot citron. And also to access to get better access to the chinese market. Market reaction positive although we were gaining more than 3 at the start of trading. So it looks like the speculation is trading a bit. Were up 1. 4 ross. Lets show you where we stands with bond yields ahead of the fed today. Tenyear treasury yields 2. 8 lower at 2. 86 late monday so its continuing to come down. Gilt yield 2. 92 . We had that 3. 04 last week. But weve got minutes coming out from the uk in around about 27 minutes. Sorry. 17 minutes. It will be interesting to see whether anybody has voted for qe because the market doesnt believe the bank of englands forecast that they will stay where they are until 2016. On the currency markets, the dollar yen, 99 at the moment a bit weaker there. Euro dollar, 1. 3354. We hit 1. 3 85 which is a 2 1 2 week high on monday for some comparison. Sterling, still around the 1. 59 mark against the greenback, as well. Property price necessary china are on the boil. Home prices in the countrys 17 major cities up 8. 3 from a year earlier. Thats the biggest increase in at least 2 1 2 years. Although some analysts say beijing is unlikely to implement any cooling measures because Economic Growth is still not stable. With that back drop lets find out whats happened in asia today. Sixuan has the update in singapore. China merchants property was dipping over 2 in the morning session after unveiling its refinancing plan yesterday. But it managed to end in positive territory, higher by 1. 5 . And some shanghai based Property Developers continued to power ahead, helped by the free trade zone program. In fact searched limit up by 10 . On the whole, the shanghai composite turned higher in late trade, up a modest 0. 3 ahead of a fourday long weekend so people get ready. Elsewhere in asia relatively light trading. The nikkei 225 outperformed finishing higher by 1. 4 . Not Much Movement in the dollar yen space but expectations are the fed may only deliver a modest taper or taper light at this time around. In south koreas quote for a public holiday, australia is in the red down by 0. 25 . And india Action Trading higher but modest 0. 3 . As for top gainers in japan, exporters will drop higher today. Sharp and toyota they both gained over 1 in todays trade. Meantime good nous for kawasaki heavy industries. As tokyo reports, the company won a 1. 8 billion 1. 8 billion mandate as shares jumped by almost 5 in todays trade. Back to you. Sixuan catch you a little bit later. Thanks for now. Thats the asian update. Meanwhile, chinas second biggest wireless carrier says preorders for the apple iphone 5s and 5c has exceeded the 100,000 mark since last week. The new phones will go on sale this friday. And china hushandari is apparently pricing at the top of the range. According to the isr, that would make the hong kong float around 1. 3 billion. Huishan dairy owns the second biggest herd of dairy cows. China politicians will hand down a verdict to bo xilai. Bo is likely to appeal the decision delaying any former outcome. The disgraced politician is facing charges of bribery, abuse of power. The fed may be the word of the day, but investors will be looking at fedex amid the economy. The central bank extends to london. The bank of england is set to release its latest Meeting Minutes in about 13 minutes. 9 30 london time. Well cross to berlin for the final stretch of germanys federal election campaign. Is a grand Coalition Still in sight . Well have the latest. And japans Prime Minister reports hes visiting canada and the u. S. At the end of the month. Well have more from tokyo. And usairway workers will get set to march on washington. Well hear from one interview expert the who says the tieup will eventually takeoff despite recent turbulence. And well take a short break. When we come back, if thats not enough, the Formula One Team is paying one of its drivers less than 1 of the salary that Fernando Alonso received at ferrari. Coming up well look at how the team hopes to stay competitive. We asked people, if you could get paid to do something i love having a free checked bag with my united mileageplus explorer card. Ive saved 75 in checked bag fees. [ delavane ] priority boarding is really important to us. You can just get on the plane and relax. [ julian ] having a card that doesnt charge you foreign transaction fees saves me a ton of money. [ delavane ] we can go to any country and spend money the way we would in the u. S. When i spend money on this card, i can see brazil in my future. [ anthony ] i use the explorer card to earn miles in order to go visit my family which means a lot to me. Its the singapore grand bre this weekend. Graham louden is president sporting director at loricia. Graham nice to catch up again. Look first of all, weve got the Singapore Grand Prix this week. How is the season sort of panning out for you . Its your third year as this team . Yeah fourth year. Morning, ross. Its good to talk to you again. Yeah you know were coming to singapore ahead of our nearest rival in the which i am. Were currently tenth in the championship. And weve managed to stay ahead the whole season and, as you rightly point out, its formula one is a difficult spot. Its very competitive. Theres a huge amount of money involved and a lot of technology and, you know everyone in the team is pushing really hard from this point on through to the very last rates to keep our place in the championship. Always possible to move ahead. Yeah look, just do the comparison between your budget and that of ferrari. Youre going to get ferrari engines, arent you . Yeah. Were saying longterm agreement with ferrari, so we start using their power train. Its a very advanced powertrain next season. And, yeah were certainly looking forward to that. Weve been working pretty hard with ferrari over the last couple of months since we signed that deal. I think everyone is excited to see how the car will perform next year. Yeah. Their budget compared to yours, theyre worlds apart. Is f1 ever going to close the gap between the cars . Theyve done certain things like reduced how much testing you can do and, you know weve seen the impact of that this year. But are we going to close the gap any further . How do you survive when youre the small budget team . Well i think its very important that formula one keeps sight of the fact that you know formula one is the pinnacle of motor sport. But for the sake of the fans i think its important that the industry keeps sight of the fact that what should be rewarded in this sport is the worlds best drivers racing wheel to wheem and the best engineers, the best minds coming up with innovative solutions. It should not be simply a comparison of Balance Sheets at the start of the season. As youve rightly pointed out, the industry at the moment i think has too much scope for buying success if you like. And certainly if you compare the sort of budgets between the teams, you know we probably spend, in a week what Red Bull Racing probably spend in a day. You know thats the sort of difference in spend. So i think i certainly hope that the industry will move towards a set of regulations and rules where innovation and, you know and skill are rewarded and not simply financial strength. Doesnt the more money you have mean theres a chance youll have more innovation . And where does the money go . Does most of it go on r d or does it go on drivers . Yeah its not it certainly isnt the case. I think many people watching this in Different Industries will know that often when you have some kind of restriction or some resource thats restricted thats really where innovation happens. Where theres an unlimited ability to just spend your way out of the problem, then what you tend to find is that the solution could well be very effective. But its highly unlikely to be efficient. And i think, you know what we find talking to our sponsors and partners is, you know they want to be associated with an individual thats efficient. And that is something that you know they see in value in their own businesses. And so i think, you know i think theres a lot to be said for having a sport which, you know, really promotes innovation and clever thinking and not just you know a fire hose of money spending. All right. Graham, always good to talk to you. Briefly, how is the grand prix at nighttime . How do you race it . You know, i love it. I absolutely love it. Its one of the favorite races. We stay on the whole team. In fact the whole of formula one stays on european time while were here. So you see people wandering around at crazy times of the night. But for us it feels like the middle of the day. So it has a unique aspect all of its own. The cars look alive at night and everything. Were excited about it. Thanks so much. Thanks for joining us. 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