At least three Federal Reserve officials said Monday they are ready to pull back on stimulus even though they don't see a threat from inflation.
Speaking at separate engagements, Fed Governor Lael Brainard and regional presidents John Williams of New York and Charles Evans of Chicago all expressed comfort with the first phase of policy tightening – a gradual pullback on the monthly bond-buying that has provided support for markets and the economy.
"The forward guidance on maximum employment and average inflation sets a much higher bar for the liftoff of the policy rate than for slowing the pace of asset purchases," Brainard told the National Association for Business Economics. "I would emphasize that no signal about the timing of liftoff should be taken from any decision to announce a slowing of asset purchases."
That move toward tightening comes even though the committee does not expect the current inflationary pressures, which are running atEvans even said he thinks the Fed should shoot higher on its inflation target than the traditional 2% goal. Instead, he said it should aim for inflation "above but close to 2%."
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