WASHINGTON (AP) — Federal Reserve Chair Jerome Powell took a sharp and unexpected turn Tuesday toward tightening credit for consumers and businesses in the face of mounting concerns about high inflation.
Powell signaled that the Fed will likely act more quickly to phase out its ultra-low-interest rate policies even as the emergence of the new omicron variant of COVID-19 has raised fresh doubts about the future of the economy and the direction of inflation.
The Fed chair told the Senate Banking Committee that the central bank’s policymakers will discuss at their next meeting in mid-December whether to accelerate the reduction of their monthly bond purchases, which have been intended to lower long-term borrowing costs. The Fed just announced those reductions in early November at a pace that would end the bond buying in June. But on Tuesday, Powell signaled that the Fed is inclined to end those purchases several months before then.
Doing so would put the Fed on a path to begin…
https://apnews.com/article/coronavirus-pandemic-health-business-jerome-powell-economic-outlook-7f9a46ff490707b3f3860f84b7848049
__________________________________________________
You can Read this Complete Story at:
Source Link
__________________________________________________
Tags:
Dow Today, Dow Jones Today
__________________________________________________
Related Links:
Stock Market
Latest News on C N N.
__________________________________________________
2021-11-30 08:00:00
