Federal Reserve Officials Raise 2021 Inflation Projection, Powell Addresses Asset Purchases

This was the “talking about talking about” tapering meeting, U.S. Federal Reserve Chair Jerome Powell said in a press conference Wednesday.

“I now suggest that we retire that term which … has served its purpose well, I think,” Powell said.

He spoke after Fed officials raised their inflation expectations and moved the year for interest rates to rise from 2024 to 2023, based on the “Summary of Economic Projections” (SEP) released Wednesday. For the time being, the Fed said it would keep interest rates near 0% and keep buying $120 billion in bonds a month.