CNBC claims in a new report that investors are so focused on when the Federal Reserve will begin mortgage-backed securities tapering that they have missed the bigger picture. CNBC has more on how tapering will impact the financial markets as a whole:

"This taper thing is a ruse," said Kevin Ferry, president of Cronus Futures Management in Chicago. "If you really put the question to (investors of what tapering means), they don't have the answers."

Even if the Fed does begin tapering, it will do so only in a gradual manner of maybe $10 billion a month—"like missing one day of (Permanent Open Market Operations)," Ferry said—while continuing to engineer a low interest rate environment.