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The Fed met Citi's (hawkish vs markets) expectation of providing a warning that tapering may be announced at "coming meetings". However, the FOMC did not meet their expectation on producing details of potential pace and composition of the taper.
- Powell's comment that there is still "ground to cover" on jobs "should refocus market attention on the two jobs reports between now and the mid-September meeting." Citi sees 1mn+ for July and a strong Aug.
- Citi saw a hint "that the late-August Jackson Hole conference is a potential venue for giving more indications that tapering may be upcoming."
- Future action: Taper announced in September, start in December, at $10B/month Tsys and $5B MBS.