In a news conference following the release of the statement, Fed Chair Jerome Powell said the U.S. job market still had "some ground to cover" before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic's economic shocks.
"It will have significant health consequences" in the areas of the country where outbreaks are intensifying, Powell said. Yet in the prior waves of coronavirus infections "there has tended to be less in the way of economic implications ... It is not an unreasonable expectation" that would remain the case this time, he added.
There appeared to be progress in that discussion, though no clear timetable for reducing the bond purchases. Powell said there was "very little support" for cutting the $40 billion in monthly purchases of mortgage-backed securities "earlier" than the $80 billion in Treasuries, and that once the process begins "we will taper them at the same time."
That should translate into strong job growth, Powell said, and eventually allow the Fed to move away from its crisis-era programs. "The economy has made progress, and the Committee will continue to assess progress in coming meetings," the Fed said in language pointing towards a possible reduction in bond purchases later this year or early in 2022.
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