Fed says it could begin ‘gradual tapering process’ by mid-November

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Fed says it could begin ‘gradual tapering process’ by mid-November

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(CNBC)-14/10/2021

The U.S. Federal Reserve System could start slowing down the emergency support it’s been providing to the economy as early as mid-November.
That’s according to detailed records, or “minutes” from the Federal Open Market Committee’s September meeting released Wednesday.
CNBC reports the meeting summary showed members feel the central bank has neared its economic goals and may soon begin “tapering”, or normalizing policy by reducing the pace of its monthly asset purchases.
The Fed would slowly cut down the 120 billion U.S. dollars a month in bond buys.
It would probably start by reducing 10 billion a month in Treasurys and 5 billion a month in mortgage-backed securities.
Indicating a general belief that a gradual tapering process to conclude around mid-2022 would be appropriate, the summary said “Participants noted that if a decision to begin tapering purchases occurred at the next meeting, the process of tapering could commence with the monthly purchase calendars beginning in either mid-November or mid-December.”
The Fed next meets on November second and the discussion comes amid inflation concerns.
According to MarketWatch, “several” Fed officials said they preferred to proceed with tapering at a faster pace.
Others worry the process may result in a negative market reaction.
The minutes showed that Fed staff raised their near term forecast for inflation but maintained that this year’s rise would be “transitory”.
However some officials predicted inflation to remain elevated next year with risks of it going even higher.
In the “dot plot” of individual members’ expectations for interest rates, the committee indicated interest rates could be raised as soon as 2022.
Policymakers were split evenly between those who wanted at least one rate increase and those who preferred to hold rates steady.
Officials stressed, though, that tapering does not imply pending interest rate hikes.
Han Seong-woo, Arirang News.

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