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- The Fed likely will want to take out further insurance, beyond faster tapering, against upside inflation risk.
- Restoring 2% inflation requires supply chains to ease, wage gains to slow, and productivity growth to rise.
- Individually, these are all much better than 50/50 shots but the Fed needs them all.
- Chair Powell's re-appointment and the impending new board appointments will keep the Fed dovish...
- ...But an immediate acceleration of the tapering pace in December can't be ruled out.
- Home prices continue to rocket as rising sales leave no room for inventory to recover.
- The Fed wants to reach maximum employment be- fore raising rates; it's still a long way off...
- ...Fully recovering the ground lost during Covid likely will take almost a year.
- The November Philly Fed likely will add to evidence suggesting peak supply chain pressure has passed.
- If the Fed's transitory view is to be proved correct, wage growth has to slow, so participation has to rise.
- Productivity growth has to rise too, and global supply chain pressures have to fade.
- These are all reasonable bets, but nothing is certain, and inflation will rise much further in the near-term.
- October's leap in the core CPI will be followed by a run of further hefty increases...
- ...Core inflation is likely to blast through 6% early next year, posing a serious challenge to the Fed.
- Chair Powell wants to stick to "transitory", but he needs to see labor participation surging, and fast.
- Chair Powell is sticking to "transitory", though it will take longer for inflation to fall than previously hoped.
- The Fed still is not talking about higher rates, but tapering could be accelerated if necessary.
- Productivity likely dropped sharply in Q3, but it will rebound in Q4 and the outlook is very favorable.
- In one line: Tapering begins, but “transitory” inflation - with risks - is still the key story.
- September's core CPI was flattered by unsustainable declines in airline fares, lodging and used car prices...
- ...But rents rose at the fastest pace in 15 years, so all eyes now will be on the October report.
- Stop Press: FOMC minutes confirm tapering to be announced at the November meeting.
- The huge range of FOMC rate forecasts for 2023 and 2024 likely reflects widely differing labor market views.
- Both extremes seem unlikely to us, but it will be some time before the range of forecasts narrows.
- New home sales recently have been a bit stronger than mortgage data imply; upside August risk?
- In one line: Tapering is coming, soon; two more FOMC members expect a 2022 hike, splitting the committee.
- The FOMC is on course to taper in November, provid- ed markets aren't in turmoil over the debt ceiling.
- The Fed's new economic forecasts are much more realistic, but FOMC opinions are spread widely.
- Chair Powell remains confident that inflation will be contained; upward forecast revisions are no big deal.
- The FOMC and Chair Powell appear prepared to signal that tapering will start in December.
- Expect more dots for a 2022 rate hike, but the median forecast likely will still be for the first move in 2023.
- Existing home sales are falling slowly, while inventory is rising; price gains are slowing.
The macro case for tapering now is strong, but it ig- nores the wider, and more problematic, context.
We expect the Fed to signal that tapering likely will start in November, Delta/debt ceiling permitting.
Homebuilders are responding to weaker demand after the fading of the Covid-driven flight to the suburbs.
- Delta dampened August job growth; September will be weak too, and October is at risk.
- The tapering announcement will be delayed; December now looks the best bet, but it could be later.
- Fed hawks will continue to emphasize faster wage growth; Chair Powell is focussed on unit labor costs
- A 400K payroll print today would confirm other evidence pointing to a clear Delta hit to growth.
- September payrolls likely will be depressed too; that's the last report before the November FOMC meeting.
- Delta damage to discretionary consumers' spending signals downside risk for ISM services today.
- FOMC splits and the Delta wave suggest the tapering announcement will be no sooner than November.
- The trend in jobless claims seems still to be falling, as the run of seasonally-distorted numbers ends.
- Downside risk for the Philly Fed today; the global manufacturing recovery is moderating.
Tapering is inching closer, but talk of rate hikes is de-ferred unless and until labor market signals flash red.
The economy likely expanded at an 8.0% rate in Q2, led by consumption and business investment.
Jobless claims look set to disappoint again today, and look for a big drop in pending home sales..
In one line: “Progress", but not yet “sufficient further progress”.
Chair Powell will stick to his lines today, and will add that the Fed is closely watching the march of Delta.
Most states appear to be short of the 85% immunity required to suppress the spread of Delta.
Home price gains are set to slow sharply, but rents are likely to accelerate in the second half.
Chair Powell made it clear yesterday that the Fed's leadership is sticking to its view that the reopening surge in inflation is due mostly to "base effects… and production bottlenecks or other supply constraints", which will not last.