MNI BRIEF: Powell Wants to See Stronger Data Before Any Taper

Federal Reserve Chair Jay Powell on Wednesday said inflation and employment data would need to strengthen before pulling back on asset purchases, while declining to give details on the margin of improvement that would satisfy him.

"What we've said is that we would be purchasing assets at least at the current pace until we see substantial further progress toward our goals. So that's actual progress, that's not forecast progress," Powell told the House Committee on Financial Services in a semiannual hearing.

"We've been very specific" on the conditions for liftoff, he said. "We haven't tried to be that specific about the pace of asset purchases."

Sources have told MNI both the job market recovery and inflation have the potential to accelerate quickly.