Economics
Jerome Powell Says Better Outlook Reflects Vaccine Progress, Fiscal Aid
- Fed chair gives Congress bulk of credit for brighter outlook
- Central bank will only ‘very gradually’ withdraw help: Powell
Photographer: Jim Lo Scalzo/EPA/Bloomberg
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Federal Reserve Chair Jerome Powell said the U.S. central bank would wait until the economy has “all but fully recovered” to pull back the extraordinary monetary support it rolled out in response to the Covid-19 pandemic.
“As we make substantial further progress toward our goals, we’ll gradually roll back the amount of Treasury and mortgage-backed securities we’re buying. And then in the longer run, we’ve set out a test that will enable us to raise interest rates,” Powell said Thursday in an interview on National Public Radio’s Morning Edition show.