{There will be} much discussion now whether the improvement in unemployment rate supports the US central bank’s plans to taper [its $75bn a month bond buying programme] or whether it will hold off from another measured reduction in January to see if December was an anomaly.

Maybe today’s data will see tapering paused immediately before it really even gets started. We expected at least one pause in 2014 but not this early. With plenty of contradictory Fed member comments to come along with more inevitable poor data we’re unlikely to have seen the last of 2013’s taper-on/taper-off. Are you ready for the 2014 version: taper-pause/taper resume?