Fed chair says economic support could be dialed back this year

What they're saying: "If the economy evolved broadly as anticipated, it could be appropriate to start reducing the pace of asset purchases this year," Powell said, referring to the $120 billion worth of bonds it buys each month.

• Yes, but: There's "much ground to cover" before the Fed eases lifts off of rock-bottom interest rates, Powell said — another way the Fed's goosed the economy.

Details: Powell spoke at the annual Economic Symposium in Jackson Hole, Wyoming — a conference that went virtual as the virus raged across the country.

Catch up quick: There's been a fierce debate among traders and economists about whether the economy has made "substantial further progress" toward the Fed's goals — what Powell has said could trigger it to pull back support.

• Prices are rising at the fastest rate in decades, though Powell again said this would prove to be temporary once supply chains are untangled and other reopening quirks fade.

• The labor market has recovered nearly three-quarters of jobs wiped out at the pandemic onset. But it's still short 6 million, with millions more out of the job market altogether.

The intrigue: A parade of Fed officials — including some voting members — had the same message in a series media interviews ahead of Powell's speech: it's time to start tapering bond purchases, though they differed on exactly when.