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Economy no longer needs increasing support from asset purchases -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Jerome Powell, Federal Reserve Chair, testifies at a hearing of the Senate Banking, Housing and Urban Affairs Committee on the CARES Act, held at Hart Senate Office Building, Washington, DC, U.S.A, September 28th, 2021. Kevin Dietsch/Pool via REUTERS

(Reuters). Federal Reserve Chair Jerome Powell stated Wednesday that the U.S. economic situation is rapidly improving and doesn’t require “increasing help” from its asset purchases. Therefore, it was appropriate to end the program earlier than expected.

He stated, “The economy does not require increasing levels of support from policy.”

Powell spoke at a conference after Powell doubled the rate of the central bank’s bond purchases “taper”, at the latest policy meeting, which concluded Wednesday.

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