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Sep 22 2021, 07:40 IST/BST
Fed Chair Jay Powell faces a difficult communications challenge today, especially with President Joe Biden considering his reappointment. Recent softer US data point to a cautious approach from the FOMC as it signals that tapering of the $120bn asset purchases will soon begin. However, the ‘dot-plot’ of rate expectations could provide a hawkish surprise for markets as FOMC members anticipate rate hikes in 2022.