US Fed's Federal Open Market Committee meeting - Goldman Sachs preview
The FOMC meet July 27-28 2021, there will be no Summary of Economic Projections issued at this meeting.
We'll be on the lookout for commentary on the inflation outlook, so far Powell is adamant its transitory.
A brief snippet from Goldman Sachs on what to expect, or what not to expect really. GS expecting more at the next meeting, September 21 and 22:
- Fed officials have said that they intend to signal that tapering is coming "well in advance" a phrase they also used in reference to the start of balance sheet runoff in 2017
- That precedent suggests that "well in advance" means two meetings worth of hints before the formal announcement, consistent with our expectation of a first hint in September, a second hint in November, and a formal announcement of tapering in December
Back in May/June the persistent chatter was for a tapering hint at the Jackson Hole symposium in August. I suspect that chatter will return very soon.