The taper announcement cometh, but just not this week, according to the CNBC Fed Survey.

The survey of 32 market participants shows they expect the Federal Reserve to announce a reduction in its $120 billion in monthly asset purchases in November and begin to taper in December. It is anticipated that the Fed will reduce monthly purchases by $15 billion.

It is not expected that the Fed will raise its rates until next year.

According to Kathy Bostjancic (chief US financial market economist, Oxford Economics), “The difficulty for officials will not be continuing delinking the timing of tapering and eventual rate liftoff amid splittering views within FOMC.”

In early August, just before the spread of the delta variant became a concern, many forecast the announcement would come at this meeting. Only 17 respondents predicted that it would happen in November, while just a handful of them believe it will be happening tomorrow.

Among the minority are several who believe the Fed is taking risks with inflation.

John Ryding (chief economic advisor to Brean Capital), stated that Fed’s easing could lead to an inflation rate of 2%, which would prove costly to reverse and not provide any benefit for job creation. The Fed could make a serious policy mistake at this time, as it is falling behind.

Despite these concerns, market forecasts still for no rate increases until 2022. Actually, rates hike expectations have eased from the early spring optimism that accompanied the reopening.

In April, nearly two-quarters of respondents to the survey expected rate increases next year. One of these is not yet fully priced.

This could reflect the fact that respondents have reduced their forecasts for growth in the current year due to the widespread spread of Delta.