Federal Reserve Chair Jerome Powell indicated that job gains have been very strong since January, but in August employment data slowed down markedly, particularly in leisure and hospitality sectors.
Powell seemed optimistic about “Virus fears weighing on employment growth”, and expected that such concerns “should diminish over time”.
Powell’s statements were as optimistic regarding inflation that would fall back towards goals. “Indications of longer-term inflation expectations still consistent with longer-run goals”, Powell said.
The Federal Reserve meeting took no decisions on asset purchase tapering, and mentioned that a gradual tapering process could conclude around the middle of next year.
The Federal Reserve’s statement implies a $20 billion taper at each meeting starting around December.
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