Beginning later this month, we will reduce the monthly pace of our net asset purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities. As a result, overall inflation is running well above our 2 percent longer-run goal. In particular, bottlenecks and supply chains disruptions are limiting how quickly production can respond to the rebound in demand in the near term.
Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizeable price increases in some sectors. Powell, the Federal Reserve chair, laid out a plan to slow the asset-buying program as the economy continued to heal from pandemic disruptions and inflation remained sharply elevated. Transcript Fed Plans to Slow Economic Aid Amid Inflation Concerns Jerome H.
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