WASHINGTON, Sept 19 — With the United States on the upswing from the Covid-19 pandemic, the Federal Reserve is expected to weigh in next week on whether the economy is healthy enough to begin withdrawing stimulus measures credited with aiding the revival.
The FOMC “likes to prepare markets for any major change,” said Joe Brusuelas, chief economist at RSM US. In addition to slashing the benchmark lending rate to zero, the Fed began buying massive quantities of bonds and other securities to ease lending conditions and ensure the financial system would not seize up.
The United States added a disappointing 235,000 new jobs last month, though there were better employment gains in prior months as Americans returned to positions lost to Covid-19 business closures or found new ones. The rebounding economy has spurred a sharp uptick in inflation this year, but in August, the consumer price index grew at a slower pace than in prior months.
However, should the economy take a turn for the worse, “The Fed can simply delay its announcement and the start of its tapering operations until later this year or more likely early 2022,” Brusuelas said.
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