Economy Still Needs Support, Progress Still a Ways Off: Fed

Originally published on July 14, 2021, for BloombergNews.

Federal Reserve Chair Jerome Powell said it was still too soon to scale back the central bank’s aggressive support for the U.S. economy, while acknowledging that inflation has risen faster than expected.

“At our June meeting, the committee discussed the economy’s progress toward our goals since we adopted our asset purchase guidance last December,” Powell told the House Financial Services Committee Wednesday. “While reaching the standard of ‘substantial further progress’ is still a ways off, participants expect that progress will continue.”

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