Over the last couple of months, the Fed started its campaign to prepare markets for a “taper” of its asset purchases.
Michael Lebowitz noted that Jerome Powell repeatedly affirmed the Fed “isn’t even thinking about thinking about tapering.”
“As Chairman of the Fed, his opinions take precedence over those from other Fed members. Regardless, other Fed members are not entirely on the same page as Powell.” – Lebowitz
As CNBC noted, the voices of other Fed members are becoming more prominent.
“Comments by Fed officials in the past several weeks suggest the issue of tapering looks likely to be discussed as soon as the Federal Open Markets Committee meeting next week. The Fed may be on track to begin asset reductions later this year or early next year.
At least five Fed officials have publicly commented on the likelihood of those discussions in recent weeks. Those include Patrick Harker, Robert Kaplan, Fed Vice Chair Randal Quarles and Cleveland Fed President Loretta Mester.”