Business Highlights: Fed's Plan To Slow Aid, Stocks Rally

The Federal Reserve will start dialing back its ultralowinterest rate policies this year as long as hiring continues to improve, Chair Jerome Powell said Friday, signaling the beginning of the end of the Feds extraordinary response to the pandemic recession. Such a move could lead to higher borrowing costs for mortgages, credit cards and business loans. The Fed has been purchasing $120 billion a month in bonds to lower longerterm interest rates and support borrowing and spending. Powells comments indicate the Fed will likely announce a reduction, or tapering, of those purchases sometime in the final three months of the year.

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