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.
The Fed likely "should have stopped" sooner
Powell reflected on the central bank's aggressive asset purchases during the COVID-19 pandemic, acknowledging it may have been an overreaction. He spoke at the National Association for Business Economics conference, 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 fell short of admitting that the purchase of MBS' contributed to housing disparities.
Author's summary: Powell admits the Fed could have stopped asset purchases sooner.
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