Business

Fed's Powell: Bond taper could be done by mid-2022

1 minute read

Federal Reserve Chair Jerome Powell testifies during a U.S. House Oversight and Reform Select Subcommittee hearing on coronavirus crisis, on Capitol Hill in Washington, U.S., June 22, 2021. Graeme Jennings/Pool via REUTERS/File Photo

Sept 22 (Reuters) - The Federal Reserve could wrap up the tapering of its bond purchases by the middle of next year, Federal Reserve Chair Jerome Powell said on Wednesday.

Powell's remark came at the beginning of his press conference following the release of the Fed's latest policy statement in which it said "a moderation in the pace of asset purchases may soon be warranted" but made no reference to how long that process may take. The Fed has been buying $120 billion a month of Treasuries and mortgage-backed securities to support the economy's recovery from the coronavirus pandemic.

Register now for FREE unlimited access to reuters.com
Reporting By Dan Burns

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters