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Illustration: Shoshana Gordon/Axios

Talk about tapering just got interesting. New details about the Federal Open Market Committee's June meeting provide a glimpse into the debate over scaling back the central bank's quantitative easing program.

Why it matters: QE is an emergency monetary policy tool that involves large-scale purchases of Treasury and mortgage-backed securities (MBS) in an effort to keep the bond markets liquid and functional.

  • This helps keep borrowing costs low and stable for consumers and businesses.

State of play: Currently, the Fed is purchasing $80 billion worth of Treasuries and $40 billion worth of MBS per month.

  • As the economy improves and inflation rises, the Fed will eventually taper QE.

Context: In the past year, home buying activity accelerated and home prices surged to record levels.

  • This led some experts, including some regional Fed presidents, to argue that the Fed’s MBS purchases have fueled mania in the housing market.
  • In turn, these folks say the Fed should taper its MBS purchases sooner than it tapers its Treasury purchases.

What they’re saying: "Several participants saw benefits to reducing the pace of these purchases more quickly or earlier than Treasury purchases in light of valuation pressures in housing markets," according to June FOMC minutes.

But that wasn’t the consensus view.

  • "Several other participants, however, commented that reducing the pace of Treasury and MBS purchases commensurately was preferable," per the minutes.
  • Those members wanted to stay consistent with the Fed's prior communications on the matter.

Our thought bubble: Backtracking could send a message that the Fed has some concerns about the MBS purchases' effect on home prices.

What to watch: The Fed is months away from beginning this process of tapering QE, which means FOMC members have some time to hash this out.

Go deeper

Central banks are speaking up on inequality

Expand chart
Data: BIS via Deutsche Bank; Chart: Axios Visuals

The world’s central banks are increasingly using their powerful platform to put a spotlight on inequality.

Why it matters: Central banks control the money supply and interest rates, which affects financing costs for everyone.

Pelosi says it's her "plan" to appoint GOP Rep. Kinzinger to Jan. 6 committee

House Speaker Nancy Pelosi (D-Calif.) said Sunday that it is her "plan" to appoint Rep. Adam Kinzinger (R-Ill.) to the House select committee investigating the deadly Jan 6. Capitol riots.

Why it matters: Pelosi's statement to ABC's "This Week" comes after she rejected two of the five Republican appointments offered by House Minority Leader Kevin McCarthy (R-Calif.).

Updated 2 hours ago - Sports

Olympics dashboard

⛳️: Golfer Bryson DeChambeau will miss Olympics after testing positive for COVID

📺: The Olympic events to watch today

🏊: Athlete spotlight — When to watch swimming star Katie Ledecky

🥋: Iranian defector defeats Iranian in taekwondo

🤖: The robot Olympics

🚨: Heat wave brings scorching temperatures to Tokyo Olympics

🎤: Meet the new faces of NBC's Olympics coverage

Go deeper: Full Axios coverage