27 January 2021 - 22:38Federal Reserve chair Jerome Powell made clear the US central bank was nowhere near exiting huge support for the economy during the ongoing coronavirus pandemic, as officials left their benchmark interest rate unchanged near zero and flagged a moderating US recovery.
“The whole focus on exit is premature,” he said, noting that the US was a long way from a full recovery and the Fed would take care to communicate clearly — to make sure no-one was taken by surprise of what he promised would be a gradual taper of purchases when the time came. While stocks declined on Wednesday, Powell was asked multiple questions about soaring prices in recent months, but declined to comment directly on spikes in the company GameStop Corp. in particular.
That drops a time reference to risks to the outlook “over the medium term” that appeared in their December statement.
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