The Federal Reserve will announce at its meeting this week a scaling back of its enormous pandemic-related stimulus programme amid uncertainty over persistent inflationary pressures and whether the US central bank will need to raise interest rates sooner than expected.
Members of the Federal Open Market Committee and other Fed officials have for months engaged in an extensive debate over the appropriate moment to begin reducing or “tapering” the $120bn monthly asset purchase programme.
The scheme was put in place last year to address dysfunctional trading conditions in the $22tn US government bond market and to support the economy in the face of one of the sharpest contractions in history.
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