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Federal Reserve Chair Jerome Powell sounded more cautious than other Fed officials when talking about tapering at Jackson Hole Symposium, stating that the central bank could start reducing its $120 billion in monthly bond purchases this year.
“For now, I believe that policy is well-positioned,” Powell said at the virtual Jackson Hole Economic Policy Symposium. “My view is that the ‘substantial further progress’ test has been met for inflation. There has also been clear progress toward maximum employment.”
When addressing a possible reduction of bond purchases, Powell said that it is likely to start happening this year.
“At the FOMC’s recent July meeting, I was of the view, as were most participants, that if the economy evolved broadly as anticipated, it could be appropriate to start reducing the pace of asset purchases this year,” he said.
#JacksonHole #Powell #Fed
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