2017 Economic Calendar
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FOMC Minutes  
Released On 7/5/2017 2:00:00 PM For 7/5/2017 2:00:00 PM

It's "several" vs "some" in the FOMC minutes from June when several policy makers wanted to begin unwinding the Fed's balance sheet in a couple of months vs some who wanted to hold off until later in the year. According to the dictionary, some is understood to mean more than a few which hints, perhaps, at a dovish bias for stimulus withdrawal.

Policy makers downplayed the economy's lack of inflation calling it "transitory" and "idiosyncratic", the latter a reference to this year's sharp cuts in cell phone service costs and pharmaceuticals. They saw inflation reversing on wage pressures tied to continued strengthening in the labor market. On consumer spending, they were also upbeat, noting improvement in April and predicting continued strength based on job gains and the rise in household wealth that they see ahead. On the markets, equity prices were described by a few as high and bond yields as low, the latter raising speculation that yields are low because expectations for long-term growth are low. The Fed's large holdings of Treasury holdings was another factor cited for low yields.

The Fed's view on inflation is of special note given that the core PCE price index has been unusually low, the weakest since December 2015. Right now expectations for Fed policy are a bit open, reflecting softness not only in inflation but other data as well. Still, the Fed is likely to continue talking about what appears to be this year's inevitable start to tapering. Early market reaction to the minutes is limited.

The Federal Open Market Committee issues minutes of its meetings with a lag. The minutes of the previous meeting are reported three weeks after the meeting.  Why Investors Care

2017 Release Schedule
Released On: 1/42/224/55/247/58/1610/1111/22
For Policy Statement On: 12/14 2/1 3/15 5/3 6/14 7/26 9/20 11/1

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