16 Dec 2021 Faster Tapering, and Faster Hikes

Ian Shepherdson (Chief Economist and Founder)16th Dec 2021 00:20U.S., Daily Monitor

The Fed's tapering and rate hike plans assume only a modest hit from Omicron; we hope they're right.

Chair Powell emphasised the threat from rapid wage gains; all eyes on labor participation, and the Q4 ECI.

The abrupt slowing in core retail sales in November is no big deal; a correction was due after rapid gains.

airline fares asset purchases bonds capex chainstore sales chair powell consumption core cpi core cpi inflation core pce core retail sales cpi cpi inflation December economic growth economy electronics empire state empire state survey employment employment reports February fed fed survey fomc fomc members forecasts funds gas prices gdp growth headline index higher inflation housing housing starts import prices index industrial production inflation interest rate inventories January jobless claims June labor labor market manufacturing manufacturing output manufacturing sector March mortgage mortgage applications mortgage demand nahb index November pce policymakers population powell private sector private sector wages producer prices production q1 q1 forecast q2 q3 q4 q4 forecast qe rate hike redbook redbook chainstore sales restaurants retail retail sales s&p 500 sales growth sales numbers September summer survey tips total production u.s. unemployment vehicles wage gains wages

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