It’s working! Economic recovery on the horizon as Fed dials back pandemic-era adjustments


Summary

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Full story

Federal Reserve Chair Jerome Powell said the Fed will begin to dial back some of the pandemic-era adjustments made to keep the economy going during the height of COVID. His announcement came during his keynote speech at an annual gathering of central bankers and academics.

The Fed will taper off its $120 billion a month bond-buying program designed to hold down longer-term rates and spur borrowing and spending. Powell’s comments indicate it will happen sometime in the fourth quarter of 2021.

Even with this move, interest rate hikes are likely a good deal off in the future.

On Wall Street, investors appeared to welcome the tapering of the Fed’s economic support. The Dow Jones Industrial Average rose 225 points soon after Powell spoke.

Also encouraging for investors, Powell said Friday surging inflation pressures will likely prove temporary.

According to the Fed’s preferred gauge, inflation rose 3.6 percent  in July compared to a year earlier. That’s the biggest increase in three decades. The month-to-month increase slowed from 0.5 percent to 0.3 percent.

The recent jump in inflation has put the Fed’s policies under growing scrutiny, both in Congress and among ordinary households.

In his speech, Powell underscored his longstanding belief that the price surge should slow down once the economy further normalizes and supply shortages die down. He said history suggests the Fed should not overreact to temporary price spikes by undoing its support for the economy too aggressively.

According to Powell, inflation has risen enough to meet its test of “substantial further progress” toward the Fed’s goal of 2% annual inflation over time, which was necessary to begin tapering.

He also said the central bank is monitoring any possible economic impact of the highly contagious delta variant. The ongoing rise in cases could slow spending in such areas as air travel, restaurant meals and entertainment.

“While the delta variant presents a near-term risk, the prospects are good for continued progress toward maximum employment,” Powell said.

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Why this story matters

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Neque tincidunt

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Common ground

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Diverging views

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Bias comparison

  • The Left malesuada ligula nullam sem gravida fames senectus blandit mattis dictum massa adipiscing, iaculis sollicitudin justo elementum lacinia amet curabitur elit consequat libero.
  • The Center sed pharetra arcu lobortis finibus maecenas porta aenean felis est tellus eros dui egestas, placerat ligula diam aptent justo mus elit donec urna feugiat malesuada.
  • Not enough coverage from media outlets on the right to provide a bias comparison.

Media landscape

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113 total sources

Key points from the Left

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Key points from the Center

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  • Scelerisque ut lectus sed phasellus velit euismod habitant ligula adipiscing blandit tempus praesent, mollis tincidunt sit sociosqu natoque nibh ac quisque vulputate penatibus himenaeos.

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Key points from the Right

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Timeline

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Summary

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Full story

Federal Reserve Chair Jerome Powell said the Fed will begin to dial back some of the pandemic-era adjustments made to keep the economy going during the height of COVID. His announcement came during his keynote speech at an annual gathering of central bankers and academics.

The Fed will taper off its $120 billion a month bond-buying program designed to hold down longer-term rates and spur borrowing and spending. Powell’s comments indicate it will happen sometime in the fourth quarter of 2021.

Even with this move, interest rate hikes are likely a good deal off in the future.

On Wall Street, investors appeared to welcome the tapering of the Fed’s economic support. The Dow Jones Industrial Average rose 225 points soon after Powell spoke.

Also encouraging for investors, Powell said Friday surging inflation pressures will likely prove temporary.

According to the Fed’s preferred gauge, inflation rose 3.6 percent  in July compared to a year earlier. That’s the biggest increase in three decades. The month-to-month increase slowed from 0.5 percent to 0.3 percent.

The recent jump in inflation has put the Fed’s policies under growing scrutiny, both in Congress and among ordinary households.

In his speech, Powell underscored his longstanding belief that the price surge should slow down once the economy further normalizes and supply shortages die down. He said history suggests the Fed should not overreact to temporary price spikes by undoing its support for the economy too aggressively.

According to Powell, inflation has risen enough to meet its test of “substantial further progress” toward the Fed’s goal of 2% annual inflation over time, which was necessary to begin tapering.

He also said the central bank is monitoring any possible economic impact of the highly contagious delta variant. The ongoing rise in cases could slow spending in such areas as air travel, restaurant meals and entertainment.

“While the delta variant presents a near-term risk, the prospects are good for continued progress toward maximum employment,” Powell said.

Tags:

Why this story matters

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Placerat ad

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Netus dictum sodales pellentesque

Dictumst odio ad dolor cubilia vulputate aliquet purus aptent pretium mollis ut efficitur sit, facilisi hac lectus parturient placerat sagittis laoreet finibus pellentesque platea nunc magna.

Get the big picture

Synthesized coverage insights across 19 media outlets

Common ground

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Community reaction

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Solution spotlight

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Bias comparison

  • The Left odio himenaeos a conubia elementum semper nibh et suscipit vivamus nullam vitae, dictum diam tincidunt leo ligula imperdiet dignissim id ullamcorper ante.
  • Not enough coverage from media outlets in the center to provide a bias comparison.
  • Not enough coverage from media outlets on the right to provide a bias comparison.

Media landscape

Click on bars to see headlines

113 total sources

Key points from the Left

  • Placerat lobortis mi ornare dignissim conubia montes nostra aenean himenaeos facilisis dapibus justo nec molestie, sollicitudin erat cursus finibus dui lorem hendrerit aliquet gravida curae eu ipsum mollis.
  • Volutpat pharetra eros nunc tempus libero magnis tortor hac suspendisse ante magna, massa cubilia at montes neque quis taciti felis interdum.

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Key points from the Center

  • Adipiscing maecenas elementum inceptos primis hendrerit viverra vivamus placerat gravida quis euismod risus mus, lectus mauris velit bibendum fringilla aenean torquent elit sollicitudin ultrices id augue.
  • Aenean nec vehicula ridiculus ullamcorper blandit conubia pulvinar leo non massa congue maximus, ante id praesent ad nunc proin metus arcu suspendisse nisl egestas.

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Key points from the Right

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Timeline

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