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Daily Alert: FOMC Minutes signal end of 2021 taper

  • The FOMC Minutes of the September meetings signalled broad agreement for the tapering of the USD120bn in monthly asset purchases to begin by the end of this year, with tapering to concluded by mid-2022.
  • Global yield curves were under flattening pressure, consistent with the pending removal of interest rate stimulus.
  • NZ yields/OCR market pricing and the NZD ground higher after the preliminary October ANZ NZ business outlook surprised with its resilience.

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