Powell Acknowledges Fed Could Have Ended Covid-Era QE Sooner
Federal Reserve Chair Jerome Powell reflected on the central bank's aggressive 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. Powell acknowledged previous skepticism from market watchers who questioned the inclusion of agency MBS purchases during the pandemic recovery.
- Powell noted the pace of the central bank'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's asset purchases may have been an overreaction.
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