Jay Powell has sent his strongest signal yet that the Federal Reserve could start dialling back its massive pandemic-era stimulus programme this year, declaring “clear progress” in the recovery of the US labour market.
In a closely watched virtual speech at the Jackson Hole gathering of central bankers on Friday, Powell said the US central bank had met the first of two goals it wants to achieve before reducing its monthly $120bn asset purchase programme.
It had pledged to maintain that pace of bond buying until it saw “substantial further progress” on its goals of average 2 per cent inflation and maximum employment.
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