Headline RoundupNovember 3rd, 2021

Federal Reserve to Start Tapering Pandemic-Era Stimulus

AllSides Summary

The Federal Reserve announced Wednesday that it would begin tapering off its pandemic-era surge in monthly asset purchases this month. “It is time to taper,” Fed Chairman Jerome Powell said, “because the economy has made substantial progress towards our goals.” The central bank began buying billions of dollars of bonds and other assets in March 2020 to support the economy through the pandemic. However, the U.S. economy has recently seen higher sustained inflation and less GDP growth than expected. Powell maintained his position that inflation was largely “transitory,” saying that “like most forecasters,” he believed annual price increases would move closer to the Fed’s 2% goal as supply chains recovered from current disruptions. 

Coverage was most prominent in center-rated business outlets. Some of these outlets tied the Fed’s announcement to several U.S. stock indexes hitting record highs on Wednesday. 

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