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Dovish Fed minutes note 'substantial further progress' not yet been made, but most see conditions being met later this year

• The FOMC July meeting minutes provided dovish offset from some of the hawkish Fedspeak that has been heard recently.
• The minutes suggested that participants generally judge that the standard of "substantial further progress" had not yet been met, particularly with respect to labor market conditions, and that risks to the economic outlook remained, although most judged that it could be appropriate to start reducing the pace of asset purchases this year because they saw the Committee's "substantial further progress" criterion as satisfied with respect to the price-stability goal and as close to being satisfied with respect to the maximum-employment goal -- all dependent on progress towards the Fed's goals.
• There are still several participants that indicated that a taper was more likely to become appropriate early next year because they saw prevailing conditions in the labor market as not being close to meeting the Committee's "substantial further progress" standard or because of uncertainty about the degree of progress toward the price-stability goal...

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