There will be no press conference nor updated economic projections following tonight’s FOMC statement, which we expect to include only limited new information. The minutes from the June FOMC meeting and Bernanke’s comments at the press conference following the meeting suggested that tapering will start this year but we think a July move is premature. Comments from Bernanke since the June meeting have been relatively dovish despite the fact that data continue to support FOMC’s forecast that growth will recover in the second half of this year and that job growth is holding up.
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