Press conference exchange between MICHAEL MCKEE and Fed Chair Jerome Powell:

user: Chairman, I wanted to ask you a little bit about your taper timeline in the sense that you said you want a couple more months of data. And the statement says that the Fed is going to use—to, to evaluate the developments in the two markets, in jobs and inflation, in coming meetings. Does that suggest that we wouldn’t see anything before September or November in your meetings? And I know a lot of people on Wall Street have basically felt you’re going to lay out your taper plans at Jackson Hole. Is that—is that the plan, or are we not going to see anything until the fall?

assistant: So in any decisions about the timing, and I did not—if I—if I said we’re looking at wanting a couple more months of data, I wasn’t—I’m not meaning to suggest anything about a particular time at which we might taper, because we really have not made that decision. All I’m saying is, is, we’re not at substantial further progress. There’s a range of views on, on what timing will be appropriate. And those views ultimately track, track back to people’s views about the economy and, and what will happen as we make progress towards, towards our—towards our goal. So that’s, that’s really what it is. And I, I—we will, of course, as we—you know, we’re going to continue to try to provide clarity as appropriate on, on timing, pace, and composition. But, today, I’ve, I’ve given you what I can give you because, again, this, this was the first, really, I would say, deep dive on the issues of timing, pace, and composition. And it was a good meeting. And—but no decisions are made, and, and I’m just not in a position to, to give you much guidance, really any guidance, on the actual timing. I—but I will say we’re making progress. We expect further progress. And we expect that, if, if things go well, then we will—we will reach that goal. And when we reach it and the Committee is comfortable that we have reached it, then, then we’ll taper at that point. I can’t, I really—there’s nothing I can say about Jackson Hole. You know, I’m in—we’re in the process of writing that speech. And I am going to give a speech, and—but I, I, I wouldn’t want to—I wouldn’t want to say what will be in there at this point.

user: Well, if I could follow up, several people have recently noted that the Fed has got the markets working well. And you’ve got bank loans up. In other words, you’ve stimulated demand. But savers and companies, like insurance companies and pension funds, are getting hammered by the low rates. And they’re wondering if the balance hasn’t started to shift away from benefiting the economy to doing more harm than good.

assistant: We—asset purchases were just a key part of our response to the critical phase of the crisis. They, they really helped us restore market function to these key markets, really, on which—on which, which are very, very important to our economy and the global economy. And then they were a big part of, of creating accommodative financial conditions to support demand. They were strongly needed. It was that commitment to continue asset purchases that provided strong support for the economy and, and has been a part of the story for why the economy is so strong right now. So we said we would taper when we—when we achieve substantial further progress. And, and, you know, we’re going to honor that commitment. I mean, it’s—and, and, again, we’re talking about it right now and meeting by meeting and, and moving in that direction. We will taper when we reach that goal. And we’ll provide more, you know, more clarity on that as we go, as is appropriate.