Fed’s Powell: On track for taper, high inflation could last into next year

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 22, 2021

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October 22, 2021

By Ann Saphir and Lindsay Dunsmuir

(Reuters) – Federal Reserve Chair Jerome Powell said on Friday that the U.S. central bank is “on track” to begin reducing its purchases of assets, and noted that he expects inflation to abate next year as pressures from COVID fade.

“Supply constraints and elevated inflation are likely to last longer than previously expected and well into next year, and the same is true for pressure on wages,” Powell said in a virtual appearance. The most likely case is for inflation pressures to abate and job growth to resume its pace from this past summer, he said, but “if we were to see a risk of inflation moving persistently higher, we would certaintly use our tools.”

(Reporting by Ann Saphir, Lindsay Dunsmuir)

Source Link Fed’s Powell: On track for taper, high inflation could last into next year

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.