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MNI July 2021 FOMC Review: Maintaining Taper Momentum

FED

The July FOMC meeting maintained momentum for a Fed asset purchase taper around the end of the year.

  • The July FOMC meeting outcome can probably be described as slightly more hawkish than consensus, with little for doves to cling to.
  • In truth, there was really little new to be learned here, but the FOMC statement kept the Fed moving toward initiating an asset purchase taper by the end of the year.
  • And while Powell mostly took a patiently dovish perspective in the press conference, there was nothing there to derail the prevailing market expectation that the Fed will initiate a taper in December/January as long as the economy develops mostly as expected.
  • Market reaction suggests that MNI's expectation of a hawkish statement reaction, followed by a relatively dovish Powell press conference, was largely met.
  • None of the 22 analysts whose reviews we read changed their outlook on the taper timeline.
  • MNI July 2021 FOMC Review (PDF)
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