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Powell: Economy In Quite A Different Place Compared To Last taper

FED

Q: Why are you tapering at more than twice the pace of the last taper?

  • A: "The economy is in quite a different place when we tapered back in 2013. We were much farther away from maximum employment and inflation was much lower. This is an economy where demand is very, very strong. Very strong... the need for further stimulus is far less than it was in 2013 when we had quite a ways to go."
  • "This is faster than what people had expected six months ago. It's earlier and faster... And that is because, as I mentioned, our policy has been adapting to the situation as it evolves. That is partly because we see inflation coming in higher."
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