The Federal Reserve has flagged one of the most hawkish policy pivots in years, saying it will double the pace at which it’s scaling back purchases of Treasuries and mortgage-backed securities to $30 billion a month, putting it on track to conclude the program in early 2022, rather than mid-year as initially planned.
“Economic developments and changes in the outlook warrant this evolution of monetary policy,” Fed Chair Jerome Powell told reporters during a post-meeting press conference. “The economy has been making rapid progress toward maximum employment.”
This marks the next turn as they intensify their battle against the hottest inflation in a generation. And not only will they end their asset-buying program earlier but they are also signaling interest rate rises in 2022 – a faster pace than expected.
It seems the run of ultra-easy policy since the beginning of the Covid pandemic is coming to a close.
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