Powell Acknowledges Fed's Covid-Era QE Could Have Ended Sooner
Federal Reserve Chair Jerome Powell reflected on the central bank's asset purchases during the COVID-19 pandemic, acknowledging it may have been an overreaction.
The Fed likely "should've stopped asset purchases sooner,"
specifically pointing to mortgage-backed securities (MBS). Powell addressed previous skepticism from market watchers who questioned the inclusion of agency MBS purchases during the pandemic recovery.
- Powell acknowledged the central bank's large-scale asset purchases during the pandemic.
- The Fed's purchase of MBS and U.S. Treasury securities was set to avoid a sharp unwelcome tightening of financial conditions.
Author's summary: Powell admits the Fed could have ended Covid-era QE!
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