US economy on track for strong jobs market: Powell

US economy on track for strong jobs market despite Delta: Jerome Powell

Powell did not provide any details of the plans to ease up on the massive bond purchases in his highly anticipated speech

Federal Reserve Chair Jerome Powell. Credit: Reuters Photo

The US economic recovery is on track to return to a strong labor market, and the central bank could begin to withdraw its stimulus measures by year-end, Federal Reserve Chair Jerome Powell said Friday.

Powell did not provide any details of the plans to ease up on the massive bond purchases in his highly anticipated speech, but stressed that the Fed will hold off on raising the benchmark interest rate and will not react to temporary inflation pressures.

An "ill-timed policy... could be particularly harmful" in the current environment, he warned.

Get a round-up of the day's top stories in your inbox

Check out all newsletters

Get a round-up of the day's top stories in your inbox