The latest FOMC minutes showed officials are yet to reach a consensus on the timing of balance sheet reduction, notes the research team at ANZ.
“The minutes noted that “several preferred to announce a start to the process within a couple of months”, while “some others emphasized that deferring the decision until later in the year would permit additional time to assess the outlook for economic activity and inflation”. With this being somewhat untrodden territory, it is perhaps not surprising that views differ. But with the market largely taking it all in its stride (so far), that should at least provide officials with some comfort to push on with normalisation (tentatively of course).”
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