It's here: balance sheet run-off with a 90% higher monthly cap than last time (but then the balance sheet is twice as large). The good news: just maturations, no sales.
FOMC Minutes
FOMC Minutes
Wednesday, February 16, 2022
No surprises, except that there were no surprises for a change. A long colloquium on inflation, with all but two sentences focused on its origin in temporary supply-chain disruptions. The word "transitory" is gone, but not the belief-structure. Be that as it may, balance sheet run-off -- not asset sales! -- to begin "sometime later this year."
FOMC Minutes
Wednesday, January 5, 2022
A special discussion on the balance sheet -- it sounds like the FOMC is in a hurry to shrink it.
FOMC Minutes
Wednesday, November 24, 2021
While paying lip service to the reality that rising prices harm ordinary people -- and the possibility that they might not be "transitory" -- the FOMC doubles down on the sensible view that the factors creating it will abate. Patience remains a virtue.
FOMC Minutes
Wednesday, October 13, 2021
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
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.