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Podcast: FOMC taper talk underwhelms, but...
Today we look unpack the modest changes to the July FOMC monetary policy statement last night that elicited a fleeting sell-off in US treasuries and boost to the USD before that move was reversed. We also ask whether there were more interesting takeaways from the Fed Chair Powell press conference than the market reaction seemed to suggest. Finally we assess the market reaction to last night's meeting and what we are looking for from here, particularly as some of Fed Chair Powell's comments on inflation and incoming data could mean a highly reactive market around coming Fed speakers and labor-market data.
Market Quick Take - July 29, 2021
The FOMC meeting saw a cautious shift in the language indicating that the Fed sees progress towards its goals, suggesting that an eventual asset purchase taper is drawing nearer, if not any faster than the market was expecting going into the meeting. The US dollar is modestly weaker in the wake of the meeting. Elsewhere, Chinese equities have staged a modest rebound on official efforts to shore up confidence in markets.
Market Quick Take - July 28, 2021
Market sentiment took a sudden dive yesterday in the US, although about half of the damage was undone by later in the session. Sentiment has softened again overnight on a mixed reaction to US megacap earnings reports and on Chinese equities trading lower still after their very rough start to the week. Today is FOMC day and with low expectations for the Fed to say much, the potential is enhanced for any surprises in the less dovish direction to see an amplified reaction.
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