Greetings,
United States: The FOMC acknowledged the recent pandemic-induced economic slowdown but signaled the beginning of taper (probably in November). Moreover, Jerome Powell expects to complete tapering by mid-2022 (some analysts expected the Fed to reduce its purchases more gradually). Here is the September FOMC statement compared to the previous one.
![The Daily Shot Brief – September 22nd, 2021](https://thedailyshot.com/wp-content/uploads/US-FOMC-Statement-ST2109230434.png)
With more Committee members seeing upside risks to inflation, …
![The Daily Shot Brief – September 22nd, 2021](https://thedailyshot.com/wp-content/uploads/US-FOMC-Upside-risks-to-PCE2109230434.png)
… the dot-plot was more hawkish. Two more FOMC members now expect rate hikes next year.
![The Daily Shot Brief – September 22nd, 2021](https://thedailyshot.com/wp-content/uploads/US-FOMC-Dots2109230434.png)
Asia-Pacific: Exports from Taiwan are well above trend, boosted by semiconductor supply shortages.
![The Daily Shot Brief – September 22nd, 2021](https://thedailyshot.com/wp-content/uploads/AS-Taiwan-exports2109230434.png)
China: Stocks rebounded in Hong Kong, including property shares.
![The Daily Shot Brief – September 22nd, 2021](https://thedailyshot.com/wp-content/uploads/CH-HSI2109230434.png)
Equities: US equities continue to outperform other major assets this year (except broad commodities), mainly driven by large and mega-cap stocks.
![The Daily Shot Brief – September 22nd, 2021](https://thedailyshot.com/wp-content/uploads/EQ-Outperf-other-assets2109230434.png)
Rates: The US Treasury default risk (the debt ceiling not lifted) is priced into the T-bill market.
![The Daily Shot Brief – September 22nd, 2021](https://thedailyshot.com/wp-content/uploads/RA-Debt-default-risk2109230434.png)
Food for Thought: US box office rebound:
![The Daily Shot Brief – September 22nd, 2021](https://thedailyshot.com/wp-content/uploads/VTB-AAA-US-box-office-rebound2109230434.png)
Edited by Daniel Moskovits
Contact the Daily Shot Editor: Editor@DailyShotLetter.com