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FOMC preview: ‘substantial further progress’ achieved?

While the FOMC will maintain a very dovish policy stance, we look for the committee to signal it will be “vigilant and closely monitor” inflation and inflation expectations. The gradual shift to a less extremely accommodative policy stance represents the initial pivot towards an announcement of QE tapering starting in early 2022, followed by two 25bps rate hikes in 2023.

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