Now that speculation about who will be the Chair of the Federal Reserve over the coming four years is over, its back to regular scheduling!
Next on the Fed agenda is the release of the minutes to the November 2nd-3rd meeting.
Via Scotia (in brief from a longer piece):
- a watchful eye toward discussions around timing lift-off for the policy rate. The meeting concluded that the FOMC "is prepared to adjust the pace of purchases if warranted by changes in the economic outlook" and so watch for a discussion around the criteria for doing so. A fuller discussion is likely at the December meeting.
- It's unlikely that the minutes will reveal a further dialogue on broader plans for the balance sheet.
- There may be a limited discussion around lift-off timing, but here too the December meeting and its fresh dot plot will likely be more revealing.
Apparently, Brainard would've been more of a dove than Powell. Sheesh. Powell's middle name is Dovey McDoveface!
Some guy with a dove: