KEY POINTS
  • Federal Reserve Chairman Jerome Powell indicated Friday that the central bank is likely to begin tapering before the end of the year.
  • But he said rate hikes aren't imminent as there is still "much ground to cover" before the economy hits full employment.
  • The speech was part of the Fed's annual Jackson Hole, Wyoming, symposium.

Federal Reserve Chairman Jerome Powell indicated Friday that the central bank is likely to begin withdrawing some of its easy-money policies before the end of the year, though he still sees interest rate hikes off in the distance.

In a much-anticipated speech as part of the Fed's annual Jackson Hole, Wyoming, symposium, Powell said the economy has reached a point where it no longer needs as much policy support.