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 have stopped" sooner,
Powell said while speaking at the National Association for Business Economics conference. He specifically pointed to mortgage-backed securities, noting that the pace of their purchase, along with U.S. Treasury securities, was set to avoid a sharp tightening of financial conditions.
- The Fed's asset purchases during the pandemic have been subject to skepticism.
- Powell reflected on the central bank's aggressive actions during the COVID-19 pandemic.
Powell stopped short of admitting that the purchase of mortgage-backed securities contributed to housing disparities.
Author's summary: Powell reflects on Fed's pandemic actions.
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