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July 2021 FOMC Minutes Preview

FED

The July FOMC meeting minutes are released at 1400ET/1900BST on Aug 18. Most attention will be on participants' debate over the timing and details of the eventual taper. In the PDF linked below we summarize the state of play on that front. Other things to watch in the minutes:

  • Deutsche sees taper flexibility to be emphasized: "we expect the minutes to note participants' desire to maintain flexibility with respect to adjusting asset purchases and for communications during this period to stress that asset purchases 'are not on a preset course' meaning that the Committee will want to retain the option to either speed up or slow down the pace of tapering should the incoming data warrant"
  • Wrightson ICAP are interested in the decision to establish permanent standing repo facilities
  • BMO wonders whether the minutes are already stale due to the Delta variant and deteriorating consumer confidence signals since the July meeting

July 2021 FOMC Meeting Minutes Preview

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