June 3rd 2021
Overnight Philadelphia Federal Reserve President Harker said that it’s time to talk about tapering their stimulus program. The reaction of the financial markets was muted to say the least. I guess we have heard this type of talk this before from other Fed Presidents. If we hear it from the Chair Jerome Powell, then I think the market reaction will be quite different.
However, we should note that we are getting closer to taper talk, a change of policy could be announced at the Jackson Hole symposium, the annual jolly for the worlds top central bankers in August.
Today the US ADP employment report for May will provide some excitement , we are expecting 600K jobs to be added to payrolls. Also released tonight is US ISM Non Manufacturing For May, a robust 62.8 is forecast.
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