Federal Reserve Chairman Jerome Powell reaffirmed the Fed's emerging plan to start scaling back its stimulus policies this year and his expectations for receding inflation
, Mr. Powell said in remarks prepared for delivery Friday morning at a virtual symposium hosted by the Kansas City Fed.
The central bank slashed its short-term benchmark interest rate to near zero when the coronavirus pandemic hit the U.S. economy in March 2020, and it has been buying $120 billion monthly in Treasury and mortgage securities to provide additional stimulus. The rise of Covid-19 infections due to the Delta variant has complicated the economic outlook by creating renewed risk of a sharper economic slowdown at the very moment some officials were ready to reduce, or taper, the pace of monthly bond purchases.
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