(Fed) US Federal Reserve is ready to reverse the $120 billion in monthly asset purchases on its next scheduled meeting on November 2-3.
The central bank targets to increase interest rates next year despite the economy facing a prolonged uptick in inflation. Half of the officials expect rate hikes by the end of 2022.
Fed chair Jerome Powell did not make a formal declaration of the pace of tapering, promising to do it gradually before concluding at the middle of next year.
The announcement comes even as officials see slower growth, an increase in inflation, and higher unemployment this year due to the resurgence of the Delta variant.
Fed had previously said it will taper asset purchases after the economy achieves substantial progress towards maximum employment and an inflation target of 2%.
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