"Progress in the labor market is the missing piece of the puzzle for the Fed to set into motion," a managing director said.
"The Federal Reserve should start taking away the punchbowl by tapering after the next strong jobs report," a CIO said.
"The Fed is late. It should have started tapering already," El-Erian told CNBC on Monday. "They are going to be very dovish for very long."
The Federal Reserve will begin tapering once unemployment falls to 4.5%, wages rise and there are enough jobs, JPMorgan CEO Jamie Dimon said.
US stocks jumped to new records to start the week. Facebook was handed a big win by a federal judge who dismissed an antitrust lawsuit by the FTC.
Stocks should benefit from "a positive combination of low rates, low inflation, and a recovery," Willem Sels said.
Lumber prices have fallen more than 43% since May's record high. The Fed chair said used car prices may follow suit.