After two choppy days of trading markets improved with the S&P 500 and the NASDAQ rising Thursday. At market close the S&P 500 gained 5.53 points, or 0.1%, to 4405.80. The NASDAQ Composite rose 15.87 points, or 0.1%, to 14541.79. The Dow Jones Industrial Average declined 66.57 points, or 0.2%, to 34894.12.
The Federal Reserve Bank of Kansas City is going ahead with their annual symposium in Jackson Hole, Wyoming, Aug. 26-28, 2021. This years topic is "Macroeconomic Policy in an Uneven Economy.” There is rightfully concern that tapering will begin
“Some believe Fed Chair Jerome Powell may give insight on plans for tapering the $120 billion-a-month government bond buying-program that has helped fuel the S&P 500’s double from its March 2020 lows,” according to Saqib Iqbal Ahmed at Reuters.
August is a notorious month - major news breaks often occur this month and with the recently released Fed minutes reveal most FOMC members are ready to begin tapering this year.
With tapering in the new certain future and inflation present nearly everywhere, there is fear that equity growth will halt as there is simply no growth left in the books for 2021. Other questions remain - have investors priced in the new taxes ? Are investors worried about the Delta variant or more importantly is the Fed worried about the Delta variant (seems so). I will wait for the late August meeting minutes to disclose if the Fed will take these concerns into account or if they will be rushed in ending asset purchases prematurely and accelerating rate hikes.
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Will Fed Tapering End Equity Growth?
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