September Tapering? 'I Doubt It' Says The Gartman Letter's Dennis Gartman

Dennis Gartman, of The Gartman Letter, went over why he thinks September won't be the month that the Federal Reserve reduces accommodations (tapering) as a guest host on CNBC's Squawk Box Friday morning.

Gartman began by noting that he's not a huge fan of jobs numbers, but that this time around the release is truly important amidst all of the Fed's considerations.

"One, we're going to have a new Fed chairman, two, we're at the September where we're going to have a two-day conference, we're going to have a press conference afterwards. October, you're not going to have one, then you have the December FOMC [Federal Open Market Committee] meeting," said Gartman.

"Somewhere along the line the Fed is going to have to reduce the amount of accommodation. The question is 'Will it be September? I doubt it."

He cited Syria as another reason for the Fed to do nothing in September, but wait for more data, despite the fact that they're only supposed to consider circumstances in the United States. Gartman also said that stocks are due to get less interesting if accommodations are reduced.

Related: Benzinga Market Primer: Friday, September 6: Companies And Investors Are Back Into Borrowing

If the number does come in above expectations at 180,000 to 200,000, then the Fed will "sigh and say isn't that interesting. We'll wait. If it is 200 [thousand]or above, whole other story," Gartman said.

The Jobs Report came out for August with non-farm payrolls up 169,000, and a revision for July down to 104,000. Unemployment is at 7.3%, its lowest since December 2008. The private sector increased jobs by 17,000. The largest job loss was in the motion picture industry, with a reduction of 18,000.

At the time of this writing, Jason Cunningham had no position with the mentioned entities. Visit Jason on Twitter @JasonCunningham.