Federal Reserve officials felt the employment benchmark for decreasing support for the economy 'could be reached this year,' but had not yet been satisfied, according to minutes from the U.S. central bank's meeting last month in which policymakers discussed when to end pandemic-era support and how to respond to higher-than-expected inflation.
Federal Reserve Board building is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis
"Most participants anticipated that the economy would continue to make progress toward those goals" and that the standard "could be reached this year," said the minutes of the July 27-28 meeting, which were released on Wednesday. At the conclusion of that meeting, Fed officials said they still had faith in the U.S. economic recovery even as the Delta variant of the coronavirus fueled a troubling rise in cases, and continued laying plans for the eventual end of the central bank's monthly purchases of Treasury bonds and mortgage-backed securities .
Analysts expect the Fed to announce its plan for a "taper" of its asset purchases as early as the Sept. 21-22 policy meeting, with less certainty about how fast the actually reduction in the bond-buying program will proceed.
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