Fed’s Powell: Appropriate to consider wrapping up taper sooner

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FILE PHOTO: Federal Reserve Board building is pictured in Washington

– U.S. Federal Reserve Chair Jerome Powell on Tuesday said it would be appropriate for the central bank to consider wrapping up its “taper” of large-scale bond purchases more quickly based on the strength of the economy and high rate of inflation.

The Fed kicked off its taper earlier this month and announced a reduction schedule that would complete it around mid-year but is widely expected to revisit that timeline at its next meeting in two weeks. Powell’s comment came during testimony to the Senate Banking Committee.

(Reporting By Dan Burns; Editing by Chizu Nomiyama)