The Federal Open Market Committee meeting, which began yesterday, ended with the release of the Federal Reserve’s statement on monetary policy. The Fed is indeed in a conundrum. While Economic growth has likely peaked, but inflation continues to run hot, putting pressure on the central bankers to thread the needle by convincing investors that it has everything under control. So Fed Chair Jerome Powell is not considering cutting its purchases of mortgage-backed securities before its overall tightening process begins. “There is little support for idea of tapering [mortgage-backed securities] earlier than Treasurys,” Powell said. But Powell did say that there was some support for tapering the mortgage-backed securities at a faster rate than Treasurys, once the process begins. Economist says Fed has ‘started the tapering clock’ PNC Chief Economist Gus Faucher weighed in on Powell’s remarks and the Fed’s July monetary policy decision, saying the central bank has effectively begun the countdown to tapering....