I predict that the Fed will actually announce that it will reinvest some of the proceeds from the prior MBS investments as they come due, so there will be no net-tightening. What's more, that the Fed will see this as a major policy shift, but in reality it is far too little and it will do nothing.
However, I also see the economy getting better. Only, very, very slowly. Slowly enough that the Democrats will still get whacked this fall...
UPDATE: I hate it when I'm right!
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