"Powell understands that tapering will happen, but it's not going to happen sooner than later," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.Fed officials have largely said they expect the resurgent health crisis will not throw the recovery off track. But concerns about COVID-19 risks forced the central bank itself to move its Jackson Hole symposium from a mountain resort in Wyoming to a virtual event for the second year in a row.
Fed officials "expect to see continued strong job creation. And we will be learning more about the Delta variant’s effects," Powell said in his remarks. "For now, I believe that policy is well positioned; as always, we are prepared to adjust." While the current fast pace of price increases is "a cause for concern," it would also be damaging, he said, if the Fed jumps the gun with any policy shift and particularly with a premature decision to raise the central bank's benchmark overnight interest rate from the current near-zero level.
Source: Financial Digest (financialdigest.net)
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