Federal Reserve chair Jerome Powell. Picture: AL DRAGO/REUTERS
With the economy set to grow at its fastest pace in decades in 2021, inflation riding above the Fed’s comfort zone and the labour market much healed from the devastation of the coronavirus pandemic, Fed chair Jerome Powell and his colleagues want to start cutting back on the bond-buying programme the central bank put in place to spur the economic recovery from the coronavirus pandemic.
In a change from readouts of Fed meetings over the summer, policymakers were no longer described as “generally” expecting inflation pressures to ease as transitory factors “dissipated”. The Fed has promised to keep its benchmark overnight lending rate at the current near-zero level until the economy reaches full employment, and inflation has not only reached its 2% goal but is on track to stay modestly above that level for some time.
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