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The December FOMC statement and SEP projections suggest that the Fed will be done with taper by end of March 2022. To get a sense of how the taper of QE4 may affect markets, we look at how various markets traded (i) in the three months leading up to the completion of taper, and (ii) the six-months following the end of taper. We follow the timeline provided by the New York Fed here and look at the returns of the S&P 500, U.S. Treasuries, Commodities, Gold, and the Dollar. We caution that our sample size of three is extremely small and that the results should be taken with a large pinch of salt. Nevertheless, we provided the data for illustrative purposes to get a sense of what one might expect in the 9 months ahead.