U.S. Fed official says current pace of asset purchases appropriate for quite some time

WASHINGTON, Jan. 13 (Xinhua) -- A senior U.S. Federal Reserve official said on Wednesday that the central bank's current pace of asset purchases will remain appropriate "for quite some time" as the economy slowly recovers from the COVID-19 pandemic.

"The economy is far away from our goals in terms of both employment and inflation, and even under an optimistic outlook, it will take time to achieve substantial further progress," Fed board governor Lael Brainard said at a virtual event sponsored by the Canadian Association for Business Economics.