Whether they start taper in Nov or Dec won’t make a material difference

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More from the Fed’s Mester

More from the Fed's Mester
  • Repeats that the Fed has basically met the criteria for substantial further progress
  • Her own view is that the Fed should use the Sept meeting to lay out thinking about the timing and pace of the taper
  • Says she is looking to end the taper by the middle of next year
  • Changes to interest rates are longer down the road

Mester was a bit more hawkish than the market was anticipating in her comments just before Powell and it caused some ripples. These headlines are mostly repeats from earlier but her note on Nov/Dec highlights that she’s going to be a good solider and not fight whatever Powell wants to do when she’s a voter in 2022.

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