Federal Reserve Chair Jerome Powell​ said the U.S. central bank would wait until the economy has "all but fully recovered" to pull back the extraordinary monetary support it rolled out in response to the Covid-19 pandemic.

"As we make substantial further progress toward our goals, we'll gradually roll back the amount of Treasury and mortgage-backed securities we're buying. And then in the longer run, we've set out a test that will enable us to raise interest rates," Powell said Thursday in an interview on National Public Radio's Morning Edition show.

"So, we will—very, very gradually, over time, and with great transparency, when the economy has all but fully recovered—we will be pulling back the support that we provided during emergency times," Powell said.

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