Fed's Powell: On track for taper, high inflation could last into next year

(Reuters) - Federal Reserve Chair Jerome Powell said on Friday that the U.S. central bank is "on track" to begin reducing its purchases of assets, and noted that he expects inflation to abate next year as pressures from COVID fade.

"Supply constraints and elevated inflation are likely to last longer than previously expected and well into next year, and the same is true for pressure on wages," Powell said in a virtual appearance. The most likely case is for inflation pressures to abate and job growth to resume its pace from this past summer, he said, but "if we were to see a risk of inflation moving persistently higher, we would certaintly use our tools."

Reporting by Ann Saphir, Lindsay Dunsmuir

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Another 'Bubble Check' for the gold sector

Gold stocks continue to hit new highs

Some mining stocks exposed to Burkina Faso take major hit

Gold stocks again hit new highs

Gold stocks reach new highs on metal price gain