FOMC Review – As if June Never Happened

The Federal Open Market Committee today refrained from reaffirming the policy expectation of tapering that it instructed Chairman Bernanke to reveal after its June 19 meeting. There was no explicit mention in today’s policy statement of potentially scaling back the size of the Committee’s monthly asset purchases later this year. This omission made the FOMC statement considerably more dovish than it would have been otherwise.

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