According to Greg Fleming (head of wealth advisor Rockefeller Capital Management), the Federal Reserve will soon slow down its stimulus program, as U.S. employment continues to rebound.
Fleming stated that they are about to begin tapering because of the risks involved. They are watching the jobs reports closely so if they have another strong report and believe the economy is continuing to heal, they will definitely begin to taper.
The majority of Fed officials believe the U.S. could begin tapering in 2021. Investors are now looking forward to this week's Jackson Hole symposium which could offer insight into how and when it will slow down bond purchases. The U.S. central banks will meet next September 21-22. Meanwhile, the U.S. Labor Department will release August payroll data on September 3. This is after it reported the largest increase in employment for almost a year during July.
Fleming is a former president at Morgan Stanley Wealth Management and helped to create Rockefeller Management as an offshoot from the family office of John D. Rockefeller. The company, which is based in New York, has approximately $75 billion in client assets. This figure has more than quadrupled over the past three years.
