Minutes of the June 18-19 FOMC minutes:

  • Several on FOMC saw QE tapering likely warranted soon
  • Many said labor gains needed before QE taper
  • Some also wanted to see more evidence that projected acceleration in growth would occur before tapering
  • Members continue to anticipate current very low level of Fed funds rate appropriate for considerable period after end of QE
  • Many members wanted to emphasize distinction between decisions on slower bond buying and future rate hikes
  • Link to the minutes

The dollar is generally lower and stocks are higher following the minutes. Nothing here to suggest imminent tapering.