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MNI Fed Balance Sheet Tracker - Oct 25, 2021

MNI Fed Balance Sheet Tracker - Oct 25, 2021

EXECUTIVE SUMMARY:

  • The overwhelming expectation is for a taper announcement at the conclusion of the November 2-3 FOMC meeting.
  • The path hinted by the FOMC implies a further $420B in total net purchases between Dec 2021-June 2022.
  • But the risks to Fed tapering are widely considered to be tilted toward moving more quickly, rather than more slowly.
  • Markets are implying a much quicker handoff from end-taper to rate liftoff than in the previous taper-hike cycle in 2014-15.

PLEASE USE THE FOLLOWING LINK TO ACCESS FULL PDF ANALYSIS:

FedBalanceSheet-Oct252021.pdf

$10B Tsy / $5B MBS per month taper, net figures for beginning of monthSource: MNI

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