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
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.
FOMC Minutes
Wednesday, July 1, 2020
The FOMC wants to provide more policy clarity, but first they need clarity on where the economy is going. Details, details. In the meantime, in staff discussion, seems like "yield curve control" isn't seen as worth the risks.
FOMC Minutes
Wednesday, May 20, 2020
The FOMC managed to find one bright spot amidst the devastation of the Covid-2019 crisis: its own stellar performance. Congress, on the other hand, could do more...