Federal Reserve Chair Jerome Powell shed more light on the tapering timeline during his press conference on Wednesday, noting that the U.S. has not reached “substantial further progress” to start curbing the central bank’s $120 billion a month in asset purchases.
“We are not at substantial further progress. This meeting was the first deep dive on timing, pace, and composition [of asset purchases], but no decision was made,” Powell said. “We are making progress. And we expect that if things go well … and when we reach our goal, then we’ll taper at that point.”
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