Global Macro Service > Research Briefings > United States

FOMC minutes: Tapering to commence soon

As expected, the minutes from the September 21 – 22 FOMC policy meeting reflect the committee’s pivot to a slightly more hawkish stance. As an imminent step, policymakers are poised to start tapering asset purchases either mid-November or mid-December and finish by mid-2022. Given our outlook for more persistent inflation in 2022, we now believe the Fed will proceed with rate liftoff in December 2022 and expect two rate hikes in 2023.

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