A dovish taper? There will be twists and turns when the Fed meets for the last time in 2021.
A pivot is defined as a turn or a twist. Its safe to say there will be twists and turns on Wednesday as Fed Chairman Jerome Powell is widely expected to adopt a more hawkish stance in his postmeeting news conference Wednesday.
It is widely assumed the Fed will double the pace at which it is tapering its bond purchases at the end of the December Federal Open Market Committee meeting. The Fed is also expected to pencil in more rate hikes over the next three years. Could there be a dovish taper? Steve Englander, head of North American macro strategy at Standard Chartered Bank, sees the possibility of a dovish taper that ends in mid-April. At the moment, economists expect the Fed to reduce bond purchases by $30 billion a month, rather than the current $15 billion a month pace. Doubling the pace of the taper would end purchases altogether by mid-March. Englander argued that reducing purchases by $25 billion a month would gain the most support.
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