4 See Board of Governors of the Federal Reserve System (2021), “Minutes of the Federal Open Market Committee, July 27–28, 2021,” press release, https://www.federalreserve.gov/newsevents/pressreleases/monetary20210818a.htm. 5 See Ann Saphir (2021), “Fed’s Waller: ‘Go Early and Go Fast’ on Taper,” Reuters, August 2. 3  -5meeting.
The July report was indeed over 1 million new jobs, but then the August report shocked us by reporting only 235,000 new jobs when the consensus forecast was for 750,000. I considered this a punch in the gut and relevant to a decision on when to start tapering.