Once again, the Powell Fed uses the minutes to semi-obliquely announce policy. Tapering will be made official at the November FOMC, and implemented starting in November or December. Treasury purchases would taper at a rate growing by $10 million per month, MBS at $5. Done by mid-year. Oh... and no rate hikes (ever).
FOMC Minutes
FOMC Minutes
Wednesday, August 18, 2021
No decision on tapering, but lots of talk. Consensus is that the inflation goal has been accomplished -- but because it's supposed to be transitory, maybe it's not accomplished. Maximum employment not accomplished, but seems on track to justify a taper announcement by end of year.
FOMC Minutes
Wednesday, July 7, 2021
After a long discussion this month about plans for tapering asset purchases, the FOMC agreed to begin discussions about plans for tapering asset purchases "in coming months." You see, it's a matter of "prudent planning...in response to unexpected developments." Short version: tapering won't be announced next month at Jackson Hole.
FOMC Minutes
Wednesday, May 19, 2021
In contradiction to Powell's statement at the press conference that we are a long way from talking about talking about tapering, the minutes show "a number of participants" thought "it might be appropriate at some point in upcoming meetings to begin discussing a plan."
FOMC Minutes
Wednesday, April 7, 2021
The word "taper" appears nowhere. That's all I need to know. That's all you need to know.
FOMC Minutes
Wednesday, February 17, 2021
Just as Powell said in the press conference, the committee is very sure that a bump in inflation is coming, that it is temporary, that the Fed will do nothing.
FOMC Minutes
Wednesday, January 6, 2021
"All participants supported enhancing the Committee's guidance on asset purchases at this meeting...adopting qualitative, outcome-based guidance." So why didn't they do it? And why mention the dreaded word "tapering"?
FOMC Minutes
Wednesday, November 25, 2020
Seems the Committee knew that Mnuchin would take the lending punchbowl away. Do discussion centered on amping up asset purchases, and offering outcome-based forward guidance "fairly soon."
FOMC Minutes
Wednesday, October 7, 2020
FOMC participants agreed it was important to express resolve about the new average inflation targeting approach. Then they didn't do it.
FOMC Minutes
Wednesday, August 19, 2020
How very discreet. Amidst a broad discussion of all the risk factors hold back business spending, the word "election" isn't mentioned even once.