Powell Acknowledges Fed Could Have Ended Covid-Era QE Sooner
Federal Reserve Chair Jerome Powell acknowledged skepticism around the central bank's large-scale asset purchases during the pandemic.
Powell noted the Fed likely "should have stopped" sooner
Speaking at the National Association for Business Economics conference, Powell said the Fed likely "should've stopped asset purchases sooner," specifically pointing to mortgage-backed securities.
- Powell acknowledged previous skepticism from market watchers.
- The pace of the central bank's purchase of MBS and U.S. Treasury securities was set to avoid a sharp unwelcome tightening of financial conditions.
Powell reflected on the central bank's aggressive asset purchases during the COVID-19 pandemic, acknowledging it may have been an overreaction.
Author summary: Powell admits the Fed could have ended Covid-era QE sooner.
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