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Financial News: Fed doubles taper to $30B a month

Financial News:

Fed doubles taper to $30B a month

President Donald Trump and Jerome Powell

The Federal Reserve announced plans to accelerate the wind down of its aggressive bond-buying program and signaled at least three interest rate hikes next year.

Stocks broadly surged instantaneously, but are calming after 30 minutes.

Central bank officials had been purchasing $120 billion in Treasury bonds and mortgage-backed securities throughout most of the pandemic to keep credit cheap and stabilize the financial markets.

Photo: Jerome Hayden Powell, sometimes known as Jay Powell, is an American economic advisor, lawyer, and former investment banker serving as the 16th chair of the Federal Reserve.

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Content ID: 1639596264 Created Wednesday, December 15, 2021 7:24 PM UTC by Aaron Stipkovich, Updated Saturday, December 18, 2021 2:49 AM UTC by Aaron Stipkovich.