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Powell says Fed may accelerate pullback in economic support

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Chair Jerome Powell says the Federal Reserve will consider acting more quickly to dial back its ultra-low-interest rate policies to counter higher inflation, which Powell acknowledged will likely persist well into next year. The Fed has begun reducing its monthly bond purchases, which are intended to lower longer-term borrowing costs, at a pace that would end those purchases in June. But Powell made clear that Fed officials will discuss paring those purchases more quickly when it next meets in mid-December. Doing so would put the Fed on a path to begin raising its key short-term rate as early as the first half of next year.

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