Fed's Powell: Bond taper could be done by mid-2022

(Reuters) - The Federal Reserve could wrap up the tapering of its bond purchases by the middle of next year, Federal Reserve Chair Jerome Powell said on Wednesday.

Powell's remark came at the beginning of his press conference following the release of the Fed's latest policy statement in which it said "a moderation in the pace of asset purchases may soon be warranted" but made no reference to how long that process may take. The Fed has been buying $120 billion a month of Treasuries and mortgage-backed securities to support the economy's recovery from the coronavirus pandemic.

(Reporting By Dan Burns)

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