But concerns about financial market functioning, including the ability of markets to absorb the purchases the Fed stops making, typically limits how fast the tapering can be, particularly given the amount of asset purchases we were making at the time $ billion per month).
Given the tapering criteria and subsequent data, we ultimately had to pivot hard to accelerate the tapering pace and, in fact, completed the tapering of purchases just a few  -8days before we lifted off. Unlike the normalization timeline after the financial crisis, we did not have flexibility to raise the target range sooner.