Fed Chair Jerome Powell, speaking in his usual post-Fed meeting press conference, said that economic developments and the outlook warranted a faster pace of bond taper. 

Additional Takeaways: 

"Economic activity on track to expand at a robust pace this year."

"Demand remains very strong."

"Rising covid cases in recent weeks and omicron pose risks to the outlook."

"Omicron variant poses risks to outlook."

"We still see rapid economic growth."

"Amid improving jobs market conditions, the economy has been making rapid progress to jobs goal."

"Recent improvement in the labor market has narrowed difference across economic and racial groups."

"Some who would otherwise be seeking work are still out of labor force due to pandemic."

"Employers are having difficulties filling jobs, and wages rising at the fastest pace in many years."

"Employers having difficulty filling jobs, wages rising at the fastest pace in years."

"We think the labor market will continue to improve."