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Thursday, June 30, 2022

FOMC Minutes Show Fed Sees “Elevated Asset Valuation Pressures”, Will Ignore “Temporary” Inflation Factors

Bonds and bullion have been battered since the Jan 27th FOMC meeting as stocks and the dollar have rallied (despite ugly jobs data since the meeting)...Source: BloombergTreasury yields have blown wider amid re-inflationary impulses dominating the narrative, and the curve has steepened significantly (2s30s +28bps since the FOMC meeting)...Source: BloombergReal yields have soared since the…

FOMC Minutes Show Fed Discussing 2013-Like Taper To Bond-Purchases

Two days after Atlanta Fed President Raphael Bostic says the central bank might taper its bond purchases later this year if the distribution of vaccines boosts the U.S. economic outlook.“I am hopeful that in fairly short order we can start to recalibrate,” Bostic said in an interview with Reuters Monday“If we determine things have strengthened appreciably, that…

FOMC Minutes Preview: Don’t Expect The Fed To Reveal Much

Submitted by RanSquawk The FOMC meeting minutes are unlikely to reveal much by way of new information, and will likely reiterate the points made within the post-meeting statement, post-meeting press conference with Chair Powell, as well as Powell’s views expressed in his recent dual-testimonies to lawmakers. The Fed is monitoring the impact of the coronavirus,…

FOMC Minutes Preview: Just What Is A “Material Reassessment” In The Outlook

At 2pm today the Fed will release the FOMC minutes from the October meeting, which will signal that policy is on hold for now, barring a material reassessment in the outlook, per Chair Powell’s recent rhetoric. As DB's Jim Reid notes, it’ll be interesting to see if the minutes shed any light on what exactly…

FOMC Minutes Signal Governors Divided Over When To End Policy-Easing

Having cut rates (as expected) and suffered dissents (2 hawkish, 1 dovish) at the September FOMC meeting, things have not gone exactly as planned for Mr. Powell and his pals. Stocks are weaker, the dollar is stronger, gold is flat (so they'll be happy, but remember the Golden Week seasonals), and the long-bond is ripping…

FOMC Minutes Preview: When Will The Fed Cut Rates Again

The September FOMC Meeting Minutes will be released in just under half an hour, at 2pm ET: focus will be on clues into conditions for further rate cuts as well as any talk around a permanent standing repo facility, although it now appears that the Fed has picked the option to do POMO starting some…

Fed Minutes Hint At Coming QE

Ignore all the hoopla about the "mid-cycle adjustment" being the dominant theme in the  July 30-31 FOMC minutes, and focus on what matters: the coming QE. In the minutes, which had no less than six mentions of "asset purchases", i. e QE, the Fed made it clear that with the S&P not even 5% below…

FOMC Minutes Show “Most Fed Officials” Saw Rate-Cut As “Mid-Cycle Adjustment”

Since The Federal Reserve cut interest rates (for the first time in over a decade), the world has started worrying about recession (and the 2s10s curve inverted)... Which might explain why US equity markets have floundered as bonds and bullion have been bid... And, yuugely disappointing for President Trump, the dollar is modestly higher. But…
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