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Aug. 27, 2021, 2:36 p.m. EDT

Fed's Clarida, echoing Powell, backs start of taper this year

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By Greg Robb

The number two official at the Federal Reserve on Friday backed the start of a taper of bond purchases later this year, in comments that largely echoed Fed Chairman Jerome Powell's Jackson Hole speech. In an interview with CNBC, Fed Vice Chairman Richard Clarida said he expects the trend of "robust" job gains seen this summer to continue and "if that happens I would also support commencing reduction in the pace of our purchases later this year." The economy has added an average of over 800,000 per month over the last three months. Clarida said it wouldn't take the strong pace of 800,000 jobs per month for the Fed to reach its benchmark for tapering of "substantial" progress in the labor markets. "I don't think it takes 800,000 per month, but robust gains," Clarida said.

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