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Ready to taper or waiting for more data? Recent Fed officials’ comments By Reuters


© Reuters. FILEPHOTO: The Federal Reserve building in Washington, DC, U.S.A, on August 22, 2018, is seen. REUTERS/Chris Wattie/File Photo

(Reuters) -The Federal Reserve has said it will start to reduce its bond purchases as soon as November if the economy continues on its current track.

For a last bit of proof that the economy has made “substantial additional progress,” officials will look at the September employment report (due Oct. 8). Others believe the benchmark has already been reached and want to get started.

Here is a list of officials who have indicated their positions on the issue since Sept. 21-22, Federal Open Market Committee. As officials release their positions, it will be revised.


LORETTA MESTER, PRESIDENT, CLEVELAND FED (non-voter in 2021/voter in 2022), Sept. 24:

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“In my view, the economy has met those conditions, and I support starting to dial back our purchases in November and concluding them over the first half of next year.”

ESTHER GEORGE, PRESIDENT, KANSAS CITY FED (non-voter in 2021/voter in 2022), Sept 24:

“In my view, the criteria for substantial further progress have been met, with inflation running well above our target and the unemployment rate at 5.2%, down 1.5 percentage points relative to December. These conditions have made it difficult to justify continuing to increase our assets each month. We will now consider ending our asset purchase program.


LAEL BRAINARD, FED GOVERNOR (permanent voter), Sept 27:

“Employment is still a bit short of the mark on what I consider to be substantial further progress. It may reach that mark if it continues in the direction I hope.

JOHN WILLIAMS, PRESIDENT, NEW YORK FED (permanent voter), Sept 27:

“I think it’s clear that we have made substantial further progress on achieving our inflation goal. It has been a very positive step towards maximum employment. A moderation of asset purchase pace may be necessary if the economy continues its improvement as I expect.

CHARLES EVANS, PRESIDENT, CHICAGO FED (voter in 2021), Sept. 27:

“I see the economy as being close to meeting the ‘substantial further progress’ standard we laid out last December as the bar for beginning to taper our asset purchases. The flow of job gains will continue and it is likely that these conditions can be met quickly so tapering can begin.

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