- The decision to accelerate the taper makes complete sense
- The faster taper is really about creating optionality for next year
- Decisions on interest rates will depend on economic data
- Baseline outlook for next year is a very good one
- Expects unemployment at 3.5% at the end of 2022
- I'm very focused on real interest rates
- I'm optimistic we can tame inflation without a recession
- The big increase is in durable goods, which tells us about the dynamics of inflation in this cycle
- Covid is still the biggest story in the global economy
- The bond market is telling us that rates are going to be relatively low for a long time
We will hear from Goveror Waller and SF Fed President Daly a bit later but I don't think there's much to be gleaned from Fed talk right now.
