The Federal Reserve on Wednesday said it will begin trimming its monthly bond purchases in November with plans to end them in 2022, but held to its belief that high inflation would prove “transitory” and likely not require a fast rise in interest rates.However, the United States central bank nodded to global supply difficulties as adding to inflation risks, saying that those factors “are expected to be transitory,” but would need to ease to deliver the anticipated drop in inflation.“In light of the substantial further progress the economy has made,” the Fed said it would start cutting its bond purchases, as was broadly expected, marking a formal shift away from policies put in place in March of 2020 to battle the sharp downturn and massive layoffs caused by the COVID-19 pandemic.
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