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FOMC Minutes: Citi And CIBC Looking For Labor Market Clues

FED

CIBC FX writes that a November taper announcement is a "done deal", so they're looking for the following in the September meeting minutes:

  • "How consensus is it that the taper needs to wrap up by mid-2022; How many participants feel that the pandemic has permanently altered the labor market. This is EXTREMELY important for when the first rate hike will come; Has the inflation view shifted? (Probably not)"

Citi says the minutes may "shed light on important details of the tapering process".

  • They're also looking for the FOMC's take on the outlook for the labor market as well as outlook on the labor market as well as the "larger and more-prolonged inflation overshoot".
  • But overall, they expect "limited scope for market moves".
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