MNI BRIEF: Bostic Says Fed Asset Purchases Taper Getting Close

Atlanta Fed President Raphael Bostic said Wednesday that markets are doing quite well and the appropriate time to begin tapering asset purchases is getting close.

"We're getting close to a time when tapering will be appropriate and for me I'm starting to work with the team here in Atlanta to start to think about what that might look like as we move forward," he said at a National Association of Black Journalists' Business Journalism Task Force webinar.

The Atlanta Fed chief told reporters last month he forecast at the June meeting a rate hike in 2022 and two hikes in 2023, and would prefer to see taper end before seeing any rise in the benchmark fed funds rate. Fed minutes showed officials debated tapering purchases at the June meeting but the FOMC said the "substantial further progress" standard had not yet been met.