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US Fed announces reduction in monetary stimulus program

[CLI Code] CLI.N.16765390(EN) 

  • Release Date:12-19-2013
  • Source:Xinhua

WASHINGTON -- The US Federal Reserve announced on Wednesday that it will reduce its pace of bond purchases, the third round of quantitative easing program, by $10 billion starting in January.

In what amounts to the beginning of the end of its bond-buying program, the central back will cut back on its monthly asset purchases from $85 billion to $75 billion, with $10 billion trimmed equally from mortgage-back securities and Treasury bonds, the Fed said after a two-day policy meeting of the Federal Open Market Committee, the Fed's powerful policy setting panel.

The policy shift comes after US economic activity is expanding at a "moderate" pace, and labor market has shown steady improvement, the Fed said in a statement.

Since the onset of the financial crisis, the Fed has kept its short-term interest rate at the historically low levels and completed two rounds of quantitative easing programs, known as QE1 and QE2. It is now purchasing longer-term government debt and mortgage-backed securities at a pace of $85 billion per month.
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