Fed Trims QE Pace to $75 Billion on Labor Market Outlook
By Joshua Zumbrun
The Federal Reserve is trimming its monthly bond purchases to $75 billion from $85 billion, taking the first step toward unwinding the unprecedented stimulus that Chairman Ben S. Bernanke put in place to help the economy recover from the worst recession since the 1930s.
Photographer: Andrew Harrer/Bloomberg
Ben S. Bernanke, chairman of the U.S. Federal Reserve, in Washington, D.C., on Oct. 11, 2013
“In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions, the committee decided to modestly reduce the pace” of purchases, the Federal Open Market Committee said today at the conclusion of a two-day meeting in Washington. The Fed’s purchases will be divided between $40 billion in Treasuries and $35 billion in mortgage bonds starting in January.
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