Fed's Powell says economy is a long way from maximum employment
Reuters
Published Sep 28, 2021 10:48AM ET
Updated Sep 28, 2021 11:46AM ET
(Reuters) - Federal Reserve Chair Jerome Powell said on Tuesday the U.S. economy is still far from achieving maximum employment, a key component of the central bank's requirements for raising interest rates.
"What I said last week was that we had all but met the test for tapering," said Powell, testifying before the U.S. Senate Banking Committee. "I made it clear that we are, in my view, a long way from meeting the test for maximum employment."
Fed officials said they would keep buying $120 billion a month in bonds until there is "substantial further progress" toward the Fed's maximum employment and inflation goals, but they have set a higher bar for raising interest rates.
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Written By: Reuters
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