Goldman Sachs says its too early for the Federal Open Market Committee to begin the "taper clock" in their preview.
From the GS note:
- We do not expect Chair Powell to deliver the first hint at tapering in June.
- Powell likely agrees with Governor Brainard and President Williams that the labor market has not yet come far enough.
So, when?
- We continue to expect the first hint in August or September.
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The FOMC meet June 15 and this week.
Earlier previews:
- Fed June Federal Open Market Committee meeting - preview
- More market murmuring of a Fed Jackson Hole tapering discussion
