Powell Acknowledges Fed's Covid-Era QE Could Have Ended Sooner
Federal Reserve Chair Jerome Powell has acknowledged that the central bank's large-scale asset purchases during the pandemic may have been an overreaction.
The Fed likely "should've stopped asset purchases sooner,"
Powell said, specifically pointing to mortgage-backed securities (MBS). He acknowledged previous skepticism from market watchers who questioned the inclusion of agency MBS purchases during the pandemic recovery.
- Powell reflected on the central bank's aggressive asset purchases during the COVID-19 pandemic.
- 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 QE could have ended sooner.
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