Manchin Urges Powell to Start QE Tapering, Citing Inflation Risk
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Senator Joe Manchin, the West Virginia Democrat, urged Federal Reserve Chair Jerome Powell to start pulling back on its $120 billion in monthly bond purchases aimed at providing stimulus to the economy by lowering borrowing costs.
“I am deeply concerned that the continuing stimulus put forth by the Fed, and proposal for additional fiscal stimulus, will lead to our economy overheating and to unavoidable inflation taxes that hard working Americans cannot afford,” Manchin wrote in a letter made public on Thursday.