Hedge fund legend David Tepper thinks the Federal Reserve did a good job, showing that policymakers are not asleep at the wheel.

The Appaloosa chief, known for bold calls and strong returns, told CNBC’s Scott Wapner on Thursday that despite the Fed’s plan to move up its interest rate hike timetable, the stock market remains alright.

“I think the stock market is still fine for now,” Tepper told Wapner.

Tepper thinks the Fed probably won’t start tapering its quantitative easing bond buying program until later this year, telling Wapner that when it happens it will be a good sign that the economy is in a really good spot.

Many investors and traders fear that when the Fed does cut back on QE, the stock market will decline, believing that such a move will be the start of central bank tightening, with interest rate increases not far behind.

Dow futures dropped modestly Thursday and then traded slightly lower at the open, one day after the…

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