Yesterday, the Federal Reserve published the minutes of the last FOMC meeting, which gives market participants more information about future actions and the schedule of upcoming changes in their current monetary policy. One of the most notable conclusions from the minutes was that most Federal Reserve officials thought it was right to start reducing their purchases to $ 120 billion each month.

Members of the Fed, who advocated starting to reduce the number of US Treasury bonds and mortgage-backed securities, believed that the Federal Reserve's mandate requiring "further progress" was mostly fulfilled every month.

Although according to the protocol, most of the 19 senior Federal Reserve officials believe that it is time to plan the reduction process. It was not a unanimous consensus. There were also different opinions on the timing of the start of the process.

In August, Jerome Powell can provide more information about when the Federal Reserve will begin the process of winding down its monthly purchases of Treasury securities at the economic symposium in Jackson Hole. However, the official announcement of the reduction will be during the September FOMC meeting. It will allow the Federal Reserve to use the August report on the number of jobs released on September 3. It is believed that if the next jobs report shows continued strong growth, it will show when there will be an official announcement of a reduction in bond purchases.

The protocol also states that there are still differences among members as to when they should start reducing.

The delta variant of COVID-19 was mentioned in the protocols six times, indicating real concern about the protracted recovery and the risks to the economy due to the delta variant. One of the concerns was that this option would prolong the deficit and keep inflation at a high level until 2022. The protocol also considers that the option will extend the postponement of the full opening of the economy in the United States.