ECONOMY

The party's over

Federal Reserve Chair Jerome Powell on Tuesday said the U.S. central bank likely will discuss removing pandemic support, accelerating its "taper" of large-scale bond purchases at its next policy meeting.

"At this point the economy is very strong and inflationary pressures are high and it is therefore appropriate, in my view, to consider wrapping up the taper of our asset purchases, which we actually announced at the November meeting, perhaps a few months sooner, and I expect that we will discuss that at our upcoming meeting in a couple of weeks," Powell said in testimony before the U.S. Senate Banking Committee.

"Transitory no more"

This move comes amid record-high inflation in the United States some data here.Powell further went on to elaborate that the word 'transitory' must be 'retired' to describe inflation saying "it’s a good time to retire that word and try to explain more clearly what we mean.”.His view was largely based on the idea that inflation resulted from supply disruptions on everything from goods to labour. But scarcities of both are taking longer to resolve.

RBI unnerved by Fed Move

Meanwhile, K.V. Subramanian, chief economic adviser in the Finance Ministry said that the Reserve Bank of India may not follow the Fed as inflationary pressures are contained for now. The RBI is expected to leave the record low-interest rates unchanged at its meeting of the monetary policy committee next week.

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