Watch Jerome Powell speak after Fed wraps up September meeting

Jerome Powell said he was previously “not aware” of the details of the trading activity of some regional Fed presidents that have come under scrutiny over the past week.

Powell said that the central bank would undergo a review of the ethics policy surrounding trading by Fed officials.

“We’re going to gather all the facts and look at further ways to tighten our rules and standards,” Powell said.

-Jesse Pound

The equity and bond markets have retreated from their earlier levels as Jerome Powell has given more details about the Fed outlook. The Dow is now up 380 points, after rising more than 500 points earlier this hour, and the 10-year Treasury yield is now slightly positive on the day after being down more than 2 basis points earlier. Yields move inverse to prices.

-Jesse Pound

Many Federal Reserve members believe U.S. employment has already met the central bank’s standards for “substantial further progress,” Fed Chair Jerome Powell said in a press conference.

“Many on the committee feel that substantial further progress test for employment has been met… I guess my own view is the test for substantial further progress on employment is all but met,” Powell said.

— Hannah Miao and Tanaya Macheel

Fed Chair Jerome Powell in a press conference said central bank members foresee a tapering of the pandemic-era bond buying program ending around the middle of 2022.

“Participants generally view, so long as the recovery remains on track, gradual tapering process that concludes around the middle of next year is likely to be appropriate,” Powell said.

— Hannah Miao

Powell repeated his earlier stance that the start and pace of the Fed’s asset purchases “will not be intended to carry a direct signal regarding the timing of interest rate liftoff.” The central bank said the Fed will use a different, more stringent test to determine when to lift rates.

-Jesse Pound

Despite the Federal Reserve saying a tapering of its asset purchase program “may soon be warranted,” the central bank’s outlook remains focused on boosting economic growth versus controlling inflation, according to Peter Boockvar, chief investment officer of Bleakley Advisory Group.

“While a taper announcement, maybe, is coming in November, that they didn’t do so today just reflects a still uber dovish committee,” Boockvar said after the central bank released a statement following its September meeting.

— Hannah Miao

Half of the Federal Reserve members now project the first interest rate hike next year, according to the so-called dot plot of projections released following the Federal Open Market…