Like any good episodic TV series, the June FOMC meeting was comfortably routine and predictable in some ways and yet just interesting enough to hold your attention with developments that were not entirely expected, and critically, it ended on a cliff-hanger. Even though the upcoming meeting is in July, we are not expecting any fireworks. Without a Summary of Economic Projections and a new dot plot, the only thing to unpack will be the subtle nuances of language. At some point, we expect the FOMC will finally offer clear guidance on when it will begin to taper its pace of asset purchases, but this meeting is not it. ... (full story)