BREAKING: HALF OF FED SAYS END QE BY END OF YEAR (NOT SLOW END)

Discord appears to be the best word to describe the FOMC minutes but the baffle ‘em with bullshit seems like the order of the day:

• FED SAYS SEVERAL ON FOMC SAW QE TAPERING LIKELY WARRANTED SOON
• FED SAYS MANY ON FOMC SAID LABOR GAINS NEEDED BEFORE QE TAPER
• FED SAYS FOMC SAW FISCAL POLICY RESTRAINING ECONOMIC GROWTH

As a reminder, uberdove Charles Evans wanted 200K or more in job gains in the past two quarters. Here’s the thing – the average monthly job gain in the past 6 months is… 201,000. As for the punchline:

• HALF OF THE FED INDICATED IT LIKELY WOULD BE APPROPRIATE TO END ASSET PURCHASES LATE THIS YEAR -NOT SLOW END
• A FEW PARTICIPANTS INDICATED THAT THE COMMITTEE SHOULD SLOW OR STOP ITS PURCHASES AT THE JUNE MEETING - “OR STOP”

Communication matters apparently. But the key is that taper appears (forget about an all out stop) to be coming soon – and as usual – it’s all data-dependent. Aside from that, it is the usual baffle with BS schtick. Most importantly, with half the Fed saying not just taper, but flat out end to QE by 2014, we now have a full blown mutiny in the Fed.

Pre: S&P 500 futures 1644.50 (VWAP), EURUSD 1.2850, 10Y 2.66%, Gold $1250, WTI $106.45
http://www.zerohedge.com/news/2013-07-10/fomc-minutes-some-say-tapering-warranted-soon-many-said-labor-gains-needed-taper
Half of Fed sees ‘QE’ ending late this year

About half of the Federal Reserve’s 19 senior officials said they would support ending the central bank’s monthly purchase of $85 billion in bonds by year-end, according to an account of the most recent Fed policy meeting released Wednesday.

The meeting minutes showed that “many” other members said asset purchases would likely be needed into 2014.

http://www.marketwatch.com/story/half-of-fed-sees-qe-end-late-this-year-2013-07-10
Fed Officials Showed Worry About Easing Policy
Federal Reserve officials expressed concern about how well the central bank was conveying its policy intentions to a jittery investing public, according to minutes from the most recent meeting.
The June FOMC session was significant in that Chairman Ben Bernanke followed it by telling the media that the Fed was prepared to start winding down its bond-buying program by the end of 2013.
That revelation, in a news conference, rattled markets, sending stocks on a 7 percent decline and interest rates surging higher.
http://www.cnbc.com/id/100877101