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2021-11-25
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Fed Minutes Reflect Intensifying Inflation Debate. Here’s Why It Matters.
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Here’s Why It Matters.","url":"https://stock-news.laohu8.com/highlight/detail?id=1127113461","media":"Barrons","summary":"Federal Reserve officials debated at their latest meeting accelerating the pace of reductions in the","content":"<p>Federal Reserve officials debated at their latest meeting accelerating the pace of reductions in their emergency bond purchases. Based on minutes released today of the Federal Open Market Committee’s Nov. 2-3 meeting, the conversation reflected growing discomfort with inflation, which is both greater and more persistent than officials had anticipated.</p>\n<p>The Fed initiated the purchase of $120 billion a month of Treasury and mortgage-backed securities in response to the pandemic, and signaled in recent months that it planned to start trimming its buying; the tapering process began this month. The latest minutes from the Fed’s policy-setting arm shed light on a debate that is crucial for the path of monetary policy at a time when President Joe Biden is mulling nominations for several vacant seats at the central bank.</p>\n<p>The minutes reiterate officials’ view that rising prices are connected to reopening bottlenecks, and thus, are temporary. However, the minutes also suggest officials have become less sure in their assessment that inflation is transitory.</p>\n<p>“Participants generally saw the current elevated level of inflation as largely reflecting factors that were likely to be transitory but judged that inflation pressures could take longer to subside than they had previously assessed,” the minutes say.</p>\n<p>In other words, “transitory” may represent a longer timeframe than previously expected.</p>\n<p>The Delta wave of Covid-19 intensified the impediments to supply chains and had helped sustain the high level of goods demand, adding to the upward pressure on prices. The minutes state: “Participants also observed that increases in energy prices, stronger rates of nominal wage growth, and higher housing rental costs had been forces adding to inflation,” with some participants highlighting the fact that price increases had become more widespread.</p>\n<p>As such, some participants suggested that reducing the pace of asset purchases by more than $15 billion each month could be warranted. The key takeaway: speeding up the taper process would put the FOMC “in a better position to make adjustments to the target range for the federal funds rate, particularly in light of inflation pressures,” the minutes state.</p>\n<p>Fed Chair Jerome Powell has worked hard to convince markets that tapering doesn’t start the clock on interest-rate increases, but the minutes suggest some members want to raise rates sooner than planned.</p>\n<p>Even so, the minutes show that while participants expect “significant inflation pressures to last for longer than they previously expected,” they still generally continue to anticipate that the inflation rate will diminish significantly during 2022 as supply and demand imbalances thaw.</p>\n<p>The FOMC next meets on December 14-15, after the November jobs report and consumer price index are released. How the labor market looks–in particular, if weak participation continues to push up wages–and whether consumer prices continue to climb will shape those discussions. At this point, investors are pricing in a June 2022 liftoff for interest rates, but an accelerated taper timeline could bring forward the first rate increase.</p>\n<p>While the bar for an acceleration in the tapering of asset purchases is high, “it looks reasonably likely to be cleared should we see another solid payroll report and inflation data release in December,” says Bob Miller, head of Americas fundamental fixed income at BlackRock.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Minutes Reflect Intensifying Inflation Debate. 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Here’s Why It Matters.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-25 07:46 GMT+8 <a href=https://www.barrons.com/articles/fed-minutes-reflect-intensifying-inflation-debate-heres-why-it-matters-51637787437?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Federal Reserve officials debated at their latest meeting accelerating the pace of reductions in their emergency bond purchases. Based on minutes released today of the Federal Open Market Committee’s ...</p>\n\n<a href=\"https://www.barrons.com/articles/fed-minutes-reflect-intensifying-inflation-debate-heres-why-it-matters-51637787437?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/fed-minutes-reflect-intensifying-inflation-debate-heres-why-it-matters-51637787437?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127113461","content_text":"Federal Reserve officials debated at their latest meeting accelerating the pace of reductions in their emergency bond purchases. Based on minutes released today of the Federal Open Market Committee’s Nov. 2-3 meeting, the conversation reflected growing discomfort with inflation, which is both greater and more persistent than officials had anticipated.\nThe Fed initiated the purchase of $120 billion a month of Treasury and mortgage-backed securities in response to the pandemic, and signaled in recent months that it planned to start trimming its buying; the tapering process began this month. The latest minutes from the Fed’s policy-setting arm shed light on a debate that is crucial for the path of monetary policy at a time when President Joe Biden is mulling nominations for several vacant seats at the central bank.\nThe minutes reiterate officials’ view that rising prices are connected to reopening bottlenecks, and thus, are temporary. However, the minutes also suggest officials have become less sure in their assessment that inflation is transitory.\n“Participants generally saw the current elevated level of inflation as largely reflecting factors that were likely to be transitory but judged that inflation pressures could take longer to subside than they had previously assessed,” the minutes say.\nIn other words, “transitory” may represent a longer timeframe than previously expected.\nThe Delta wave of Covid-19 intensified the impediments to supply chains and had helped sustain the high level of goods demand, adding to the upward pressure on prices. The minutes state: “Participants also observed that increases in energy prices, stronger rates of nominal wage growth, and higher housing rental costs had been forces adding to inflation,” with some participants highlighting the fact that price increases had become more widespread.\nAs such, some participants suggested that reducing the pace of asset purchases by more than $15 billion each month could be warranted. The key takeaway: speeding up the taper process would put the FOMC “in a better position to make adjustments to the target range for the federal funds rate, particularly in light of inflation pressures,” the minutes state.\nFed Chair Jerome Powell has worked hard to convince markets that tapering doesn’t start the clock on interest-rate increases, but the minutes suggest some members want to raise rates sooner than planned.\nEven so, the minutes show that while participants expect “significant inflation pressures to last for longer than they previously expected,” they still generally continue to anticipate that the inflation rate will diminish significantly during 2022 as supply and demand imbalances thaw.\nThe FOMC next meets on December 14-15, after the November jobs report and consumer price index are released. How the labor market looks–in particular, if weak participation continues to push up wages–and whether consumer prices continue to climb will shape those discussions. At this point, investors are pricing in a June 2022 liftoff for interest rates, but an accelerated taper timeline could bring forward the first rate increase.\nWhile the bar for an acceleration in the tapering of asset purchases is high, “it looks reasonably likely to be cleared should we see another solid payroll report and inflation data release in December,” says Bob Miller, head of Americas fundamental fixed income at BlackRock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":377,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/874274722"}
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