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Wrightson ICAP Eyes MBS Sale Ambivalence In May Minutes

FED

While the Fed "didn’t use the [May FOMC] minutes to steer the debate one way or the other in any heavy-handed way", they were a little more "tentative" on future MBS sales, writes Wrightson ICAP:

  • "The March FOMC minutes reported that FOMC members 'generally agreed' that it 'will' be appropriate to consider outright sales of mortgages once the balance sheet runoff is well under way. The May minutes, instead, report that 'a number of participants remarked' that it 'would' be appropriate to consider sales when the runoff is well under way. There was still an overall presumption that sales were likely, but the May terminology seemed intentionally more tentative."
  • While Wrightson ICAP "wouldn't read much into the language...as no decision is imminent", "at the margin... the May minutes seemed to strike a more ambivalent note about outright sales of agency MBS than the March minutes."
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