Drifting towards a change in view on slack

With no new economic projections due and nopress conference scheduled, the FOMC policymeeting that ends on Wednesday 30th should be aquiet affair with the only major development beinga further tapering of the monthly asset purchases,to $25bn from $35bn. That said, it is possible thatthe Fed will begin to alter its view on how muchslack remains in the labour market and start theinternal debate on how to amend its pledge thatthe first rate hike won’t occur until a “considerabletime” after the asset purchases have ended.