FOMC Minutes Suggest QE Tapering by Year-End
Ben Bernanke, Fed Chairman, blew up the bond and mortgage markets a month ago with his comments that the Fed is preparing to begin reducing the monthly purchases of treasuries and mortgage-backed securities. Rates spiked, and left folks shopping for mortgages, shaking their heads. The minutes for June’s meeting of the Federal Open Market Committee (FOMC) suggest that committee members are mostly in agreement that the current quantitative easing program (QE) should begin winding down by year-end, but the committee minutes are very clear about the committee’s intention to monitor inflation and ongoing economic and financial developments before taking action to reduce the current rate of QE. Continue reading
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