Fed: On track to slow support for economy later this year

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell signaled Wednesday that the Fed plans to announce as early as November that it will start withdrawing the extraordinary support it unleased after the coronavirus paralyzed the economy 18 months ago. Powell said that if the job market maintained its steady improvement, the Fed would likely begin slowing the pace of its monthly bond purchases. At the same time, the Fed’s policymaking committee indicated Wednesday that it expects to start raising its benchmark interest rate sometime next year — earlier than the members envisioned three months ago and a sign that they are concerned that high inflation pressures may persist.