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Looking for elaboration on potential timeline for tapering in FOMC minutes – TDS

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Previewing the FOMC’s June meeting minutes, which will be published on July 7, “we will be looking for elaboration on the potential timeline for tapering after the relatively hawkish dot plot and press conference,” said TD Securities analysts.

Key quotes

“What will constitute “substantial further progress”? What is meant by “we will provide advance notice before announcing any decision”? We don’t expect any definitive signals, however; no such signals have come from the latest Fedspeak.”

“The services index probably fell, consistent with the boosts to growth from fiscal stimulus and “reopening” starting to fade. Some fading is already evident in the manufacturing ISM index, which is down to 60.6 (in June) from a high of 64.7 (in March). Of course, even 60.6 implies booming growth. The 64.0 reading for services in May was an all-time high, with data back to 1997.”

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