The statement also said elevated inflation is reflecting factors 'expected to be transitory,' but noted some uncertainty.
Tapering will begin"later this month," the Federal Open Market Committee said in its post-meeting statement. The Fed will reduce purchases by $15 billion each month — $10 billion in Treasurys and $5 billion in mortgage-backed securities, on track to end quantitative easing by the middle of 2022.
The statement also said elevated inflation is reflecting factors"expected to be transitory," but noted some uncertainty. "We took a step back from 'transitory.' We said 'expected to be transitory,' first of all, to show uncertainty around that," Fed Chairman Jerome Powell said in a press conference following the statement release.
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