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.