Tomorrow the Board of Governors of the Federal Reserve will release the minutes of its September Federal Open Market Committee meeting.
We await hints regarding the fate of the the Fed’s quantitative easing program which they have been threatening (bluffing?) to taper at some point this year.
Tapirs are rare endangered animals their plight in part caused by illegal trade.
We don’t expect to expect a taper tomorrow, not even a baby one.
We expect the normal parade of excuses from the Fed about tightening financial conditions, uncertainty due to the government shut down/threat of default, an economy weaker than their projections, not enough data – i.e. the normal double klat – backwards double talk that has as its ostensible aim, transparency, but results in confusion and loss of credibility.