Fresh off their call for the Reserve Bank of Australia:

WPAC on the Fed, the bank has revised their forecast following last week's FOMC:

  • we anticipate Federal Reserve purchases to be tapered through the first half of 2022 after the policy change is announced in September 2021 - conditional on key data performing.
  • Rate hikes are then expected to begin in December 2022.
  • How can one event shift expectations so far? Simply, on display in the June FOMC meeting communications was an abrupt shift in the perspective of the Committee, from a risk-focused mindset to a constructive, pragmatic approach. This is most apparent in the FOMC's characterisation of the labour market.

(Summary from a much longer piece)

Federal Reserve building