Fed’s Powell: Economy no longer needs increasing support from asset purchases

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FILE PHOTO: Fed Chair Powell testifies on the CARES Act at the Hart Senate Office Building in Washington

– Federal Reserve Chair Jerome Powell on Wednesday said the U.S. economy is improving quickly and no longer needs the “increasing support” provided by its asset purchases, making it appropriate to conclude that program earlier than previously projected.

“The economy no longer needs increasing amounts of policy support,” he said.

Powell’s comments at a press conference came after the central bank doubled the pace of its bond purchase “taper” at its latest policy meeting that concluded on Wednesday.

(Reporting By Dan Burns; editing by Diane Craft)

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