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FOMC Minutes: FOMC Supports Bernanke Taper Timeline

NEW YORK ( TheStreet) -- The Federal Reserve's policy-making arm is broadly in support of Chairman Ben Bernanke's timeline to begin scaling back its monthly purchases for monetary stimulus, minutes from the July meeting of the Federal Open Market Committee said.

"I think they're [the minutes] pretty consistent with a September taper," UBS U.S. economist Kevin Cummins said during an interview. "The Chairman has laid out a timetable for a tapering later this year, and the minutes haven't done anything to push this out. It seems the base case is for the Sept. 17-18 FOMC meeting."

Cummins suggested that while some members of the FOMC aren't comfortable with a taper, the Fed would cut purchases small at first, reducing mortgage backed securities and U.S. Treasury by $5 billion each, continuing to purchase $75 billion in bonds each month.

Market observers anticipated more clarity Wednesday from the central bank as to when it intends to scale back its monetary stimulus measures, as many analysts and economists continue to forecast co-called tapering to arrive in September.

-- Written by Joe Deaux in New York.

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