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7/28, 8:42 PM (Source: TeleTrader)
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Powell: We'll give advance notice on changes to asset purchases

Federal Reserve Chair Jerome Powell said that the central bank plans to give an "advance notice" before making any changes to its asset purchases.

Powell stressed that the Fed will continue to assess the economic progress and wants to see "substantial further progress" before adjusting its asset buys. He stressed that the labor market is "some way away" from such progress but insisted the bank is not targeting a single number on maximum employment as it has to assess a broad range of data and different aspects of the labor market.

The Fed chair noted that the central bank will try to be "as transparent as we can" about progress towards its goals and provide "additional clarity" on its thinking.

Breaking the News / NP