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Fed’s Powell holds fast to ‘this year’ timeline for bond-buying taper

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Reuters

By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, in a speech that affirmed an ongoing U.S. economic recovery and explained why there is no rush to tighten monetary policy, gave a detailed account on Friday of why he regards a spike in inflation as temporary and offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be “this year.” In remarks to the annual Jackson Hole economic conference, Powell indicated the Fed will remain cautious in any eventual decision to raise interest rates as it tries to nurse th…

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