Will US job numbers pave the way for Fed tapering?
The Federal Reserve is hurtling towards an announcement that it will soon scale back its massive stimulus programme, and Friday’s jobs report could set the stage for such a move as early as November.
The US central bank has said it would buy $120bn of Treasuries and agency mortgage-backed securities each month until it saw “substantial further progress” on two goals: inflation averaging around 2 per cent and maximum employment.
Surging consumer prices have long meant the first of these goals has been met, but many Fed officials have signalled they wanted to see further gains in employment before moving ahead with plans to begin reducing or “tapering” support.
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