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Federal Reserve Governor Michelle Bowman said Wednesday that if the economy proceeds as expected she would prefer for the central bank to start to pull back on its asset purchases as early as at the next meeting in November.
"If the expansion continues as I expect, I will support a pace of tapering that would end our asset purchases by the middle of next year," Bowman said in prepared remarks. Meeting minutes released earlier Wednesday noted Fed officials have discussed a taper beginning in mid-November or mid-December at a monthly pace of USD15 billion.
Bowman said the remaining benefits to the economy from the asset purchases are now likely outweighed by the potential costs. "In particular, I am concerned that our asset purchases could now be contributing to valuation pressures, especially in housing and equity markets, or that maintaining a highly accommodative monetary policy stance at this stage of the economic expansion may pose risks to the stability of longer-term inflation expectations," she said.