Tomorrow is National Dance Day, a day for dancers of all ages to celebrate movement as both a form of exercise and artistic expression. Whether you prefer the two-step or tango, samba or rumba, ballroom or ballet, turn up the music and participate! Looking ahead to the Federal Open Market Committee Meeting next week (September 21-22), we expect Chairman Powell to divulge more details on the Fed’s heavily choreographed plans to ease ultra-accommodative policy. The topic of tapering its quantitative easing bond purchases has taken center stage since the Jackson Hole Symposium last month, but the Fed will likely stick to the same song and dance and defer the official announcement of its plans to the November meeting. Instead, the more important dynamic to observe will be the rhythm of the revisions to the Fed’s own economic growth, unemployment rate, and inflation forecasts.
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