Taper is coming soon but I definitely see no indication from #FOMC minutes that taper is coming as soon as #JacksonHole 1/5 The #FOMC minutes deliberately attempt to clearly divorce taper from the timing of #liftoff 2/5

Today’s personal income and consumer spending data for June reaffirm our view that the reopening continues to drive a powerful #restart — and there’s still room to run. 1/4 In the #services sector, particularly #leisure and #hospitality — which bore the brunt of lockdowns and restrictions — the #spending splurge continues as consumers make up for lost time. But spending is still a little more than 3% below its pre-pandemic level in real terms. 2/4