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 noted that the purchase of mortgage-backed securities (MBS) was set to avoid a sharp unwelcome tightening of financial conditions.
- Powell spoke at the National Association for Business Economics conference.
- The Fed's purchase of MBS and U.S. Treasury securities was questioned by market watchers.
Powell stopped short of admitting that the purchase of MBS contributed to housing disparities.
Author's summary: Powell admits the Fed could have ended QE sooner.
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