“At the July 30-31 FOMC meeting, we expect an ambiguous signal from the Fed about the exact timing of tapering, causing markets to rethink whether September really is a done deal”.
“The majority of voters are likely still looking to move before year-end”.
“…given the weak GDP and inflation data, there probably is not a strong consensus about exactly when to pull the trigger”.
“We would expect the FOMC to do a meeting-by-meeting reassessment, consistent with a data dependent approach. This could mean not only a later start to tapering, but a bit of a surprise when they finally move”.