Key line from Powell
The reversal in the dollar came after Powell said no decisions on the taper had been taken but added this:
"A gradual tapering process that concludes around the middle of next year is likely to be appropriate"
That would imply a $20B taper beginning around December. It's the strongest guidance received so far and
This is playing out according to script
The Fed is playing second fiddle to China today.
Whether there's a taper in November or December doesn't matter. We get a nod that a taper is coming this year in the statement and that's about all the hawks could have expected.
The Washington Post reports
The article the noted.
Two former GOP treasury secretaries held private discussions this month with Treasury Secretary Janet Yellen and Senate Minority Leader Mitch McConnell (R-Ky.) hoping to resolve an impasse over the debt limit that now threatens the global economy, according to four people aware of the conversations. The previously unreported talks