Zandi expects that once the Fed determines that the economic conditions, are right the bank will cut its quantitative easing to between $70 billion and $75 billion a month, eventually ending sometime next summer.
Because Wall Street is largely expecting the pullback, Zandi doesn't anticipate any major reaction if the Fed does confirm the move at its next policy meeting later this month.
"There is some solace, at least so far, stock market holding up," he said. "It's an encouraging sign."
Stocks edged up on Thursday after a batch of positive economic news.
Zandi did express some surprise that Treasury yields have increased to nearly 3 percent, which is a bit faster than he expected.
The Fed could become uncomfortable if rates rise much more any time soon and will have to look at a way to manage it, he said.
On Wednesday the central bank reported that the nation's economy grew at a "modest to moderate pace," during the second half of the summer, according to latest edition of the Beige Book.
Fed Chairman Ben Bernanke has said that while the tapering could begin, the central bank doesn't intend to raise short-term interest rates for the foreseeable future, until at least the jobless rate is much lower.
The Friday jobs report could show that the unemployment rate ticked back up to 7.5 percent from 7.4 in July because of a drop in labor force participation, Hall said.
He said the most important number to watch will continue to be the employment ratio, which has hovered in the 58.6 percent to 58.7 range for most of the past year.
"Without significant improvement in the employment ratio, we won’t see a rehiring of the long-term unemployed or a change in the very weak wage growth," Hall said.
Another aspect of the report to watch is the share of workers who are employed part-time, which has risen to 19 during the past few months.