Powell talks' gradual' tapering, downplays Evergrande contagion concerns

Federal Reserve Chair Jerome Powell talked about "gradual" tapering while downplaying China’s Evergrande contagion concerns on the U.S. market.

When clarifying the Fed’s stance, Powell indicated that it would be a "very gradual taper," which could conclude in the middle of next year.

The Fed Chair was also asked about China’s Evergrande debt issue, which sparked a rout in the markets earlier this week.

"The Evergrande situation seems very particular to China, which has very high debt for an emerging economy," Powell told reporters. "Corporate defaults in the U.S. are very low right now … You would worry that it would affect global financial conditions through confidence channels.”
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