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.
- Powell said the Fed likely "should've stopped asset purchases sooner," specifically pointing to mortgage-backed securities.
- The pace of the central bank's purchase of MBS and U.S. Treasury securities was set "in order to avoid a sharp unwelcome tightening of financial conditions.
Powell acknowledged previous skepticism from market watchers who questioned the inclusion of agency MBS purchases during the pandemic recovery.
Author's summary: Powell admits the Fed's asset purchases may have been an overreaction.
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