Fed says progress made toward conditions for tapering bond buys

Any move to shrink policy support will be based on progress on the Fed's goals for jobs and inflation

Federal Reserve officials said the labor market and inflation have made progress toward preconditions for tapping the brakes on their robust support for the US economy, even as the delta variant of the coronavirus poses an increasing threat to growth.

The central bank kept the target range for its benchmark policy rate unchanged at zero to 0.25% and adjusted language to say that it had pledged in December to continue asset purchases at a $120 billion monthly pace until “substantial further progress” had been made on employment and inflation.

“The economy has made progress toward these goals, and the committee will continue