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Powell Stresses Need For 'Substantial' Progress Over Virus Goals

FED

Q: Would you have to be reassured there wasn't a resurgence in the virus coming in thinking about tapering?

- A: We have articulated the goals I've mentioned a couple of times, which is substantial further progress before we taper. It's very likely that if we've achieved that, it's also likely the case that we've also made significant progress on controlling the virus - those two things should more or less coexist.

  • We don't have a separate test for the virus that we'd like to achieve. We're not experts in that area. We're focused on the economic outcomes.
  • There's a possibility we will have ongoing outbreaks over the summer and regional outbreaks. We will be looking for substantial progress -- substantial further progress toward our goals - to think about tapering asset purchases.
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