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5/19/2021 2:30:17 PM GMT | By Eren Sengezer
St. Louis Fed President James Bullard said on Wednesday that he is leaving the timing of taper discussion to FOMC Chairman Jerome Powell but added that he would like to see more evidence pandemic is over, as reported by Reuters.
Additional takeaways New CDC guidance likely to pull forward growth to earlier in the year. Labor market tighter than thought, jobs out there when people feel it is appropriate to return. Not clear labor force participation will return to pre-pandemic levels given the pace of retirements. Expectations of a million jobs a month is hyped up, half a million more realistic.
Provided by Dow Jones
By Paul Kiernan and Michael S. Derby The Federal Reserve has begun to telegraph an eventual shift away from the easy-money policies implemented during the pandemic as evidence builds of a robust economic recovery and mounting inflation. Several Fed officials said this week that the central bank is closely watching economic developments and will be ready to adjust policy when necessary. Minutes from the central bank s policy meeting in late April, released Wednesday, reported that some Fed officials want to begin discussing a plan for reducing the Fed s massive bond-buying program at a future meeting. If we got to the point where we were comfortable on the public health side that the pandemic was largely behind us, and was not going to resurge in some way that was surprising, then I think we could talk about adjusting monetary policy, St. Louis Fed President James Bullard told reporters after a speech Wednesday. I don
Richard Richtmyer and Claire Ballentine, Bloomberg News
BNN Bloomberg s mid-morning market update: May 19, 2021 VIDEO SIGN OUT
U.S. stocks closed mixed and Treasury yields rose as minutes showed Federal Reserve officials were cautiously optimistic about the U.S. recovery at their April meeting, with some signaling theyâd be open âat some pointâ to discussing scaling back the central bankâs massive bond purchases.
The S&P 500 fell for a third day, and 10-year Treasury yields jumped to session highs following the release. Energy and raw-material stocks fell the most as commodities prices tumbled amid mounting concern about inflation and potential curbs on monetary stimulus. The Nasdaq 100 notched a small advance, boosted by late-day gains in tech stocks including Facebook Inc. and Alphabet Inc.
6 Min Read
WASHINGTON (Reuters) - A “number” of Fed officials appeared ready to consider changes to monetary policy based on a continued strong economic recovery, according to minutes of the U.S. central bank’s April meeting, but data since then may have already changed the landscape.
FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid/File Photo
“A number of participants suggested that if the economy continued to make rapid progress toward the (policy-setting) Committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases,” the minutes said in the most overt reference yet to a possible taper of the Fed’s crisis-fighting bond purchases.