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Fed Hinting At Reduced Bond Purchases
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Fed Chairman Jerome Powell is scheduled to speak at the Jackson Hole economic conference on Friday. Powell is expected to explain how the Fed can reduce bond purchases without hiking interest rates during that speech. Yale professor Steve Kelly notes that Powell “will do his best to say these are independent decisions.” Fed officials also believe there is no “mechanical link” between bond purchases and interest rates, but the Fed must explain itself to maintain investor confidence in the U.S. economy.
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