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8/18, 8:04 PM (Source: TeleTrader)
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Risks to economic outlook remain - FOMC minutes

The progress in vaccination against COVID-19 in the United States is likely to continue to reduce the impact of the pandemic on the economy but risks to the outlook are still present, the United States Federal Open Market Committee (FOMC) said in minutes from its July meeting released on Wednesday.

The minutes showed that many participants noted uncertainty is "quite high" as the spread of the Delta variant of the virus and a slowdown in vaccinations are "posing downside risks to the economic outlook."

The FOMC also noted that most participants believe tapering "could be appropriate" before the end of the year but stressed that tapering does "not amount to a tightening of the stance of monetary policy." Meanwhile, others noted it would be better to wait until 2022 to reduce asset purchases.

Breaking the News / NP