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The Fed: the recovery is on track, tapering is approaching

In Short

In a rather uneventful meeting, the Fed presented again its view of a strengthening economy with only temporary pressures on inflation. The press release duly noticed that the progress of the economy is incomplete, but also signalled that the appropriate moment to withdraw support is getting closer.

Highlights:

  • The July meeting brought little new information. The Fed remains confident that the labour market recovery will gather speed and that the spike in inflation is temporary, although may last longer than expected.
  • Upside risks to inflation seems to be more concerning than downside risks to growth related to a new wave of infection.
  • The FOMC has started discussing tapering, and we continue to expect it to begin in January.

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The Fed: the recovery is on track, tapering is approaching
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