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Powell Says Fed Patient on Hikes, Can Act on Inflation if Needed

  • Fed to start tapering asset buys by $15 billion in November
  • Taper on track to end mid-2022, can speed up or slow down
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Fed Prepared to Adjust Pace of Taper, Powell Says
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Federal Reserve Chair Jerome Powell said officials can be patient on raising interest rates -- after announcing a start to reducing their bond purchases -- but won’t flinch from action if warranted by inflation.

“We think we can be patient. If a response is called for, we will not hesitate,” he told a news conference Wednesday after the Federal Open Market Committee said it would scale back by $15 billion a month starting in November.