Analyst Pin-board US Interest Rate Watch: Is Fed "Tapering" Imminent?
- The minutes of the April 27-28 FOMC meeting garnered more attention than usual because of one sentence: "a number of participants suggested that if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases."
- That means that for now the Fed continues to buy $80 bn a month of Treasuries and $40 bn a month in mortgage-backed Agency bonds. There will be another report before the FOMC's June 15-16 meeting. The early call is for around 600k gain. Even if it were a million, it would not spur the Fed into action. As we have noted before, the market sees the KC Fed's Jackson Hole symposium (typically late August) and the September FOMC meeting as a window of opportunity to recalibrate the Fed's balance sheet expansion.
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