Economics
Powell Says No Bond Taper for ‘Some Time’ as Recovery Moderates
- Path of economy to depend on progress with vaccinations
- Weakness ‘concentrated’ in sectors most hit by pandemic
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Federal Reserve Chair Jerome Powell made clear the U.S. central bank was nowhere near exiting massive support for the economy during the ongoing coronavirus pandemic, as officials left their benchmark interest rate unchanged near zero and flagged a moderating U.S. recovery.
The central bank’s policy-making body repeated it would maintain its bond-buying program at the current pace of $120 billion of purchases per month until “substantial further progress” toward its employment and inflation goals has been made. It made no changes to the composition of purchases.