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June 18, 2014 – The Federal Open Market Committee is expected to issue a policy statement pointing to an ongoing, measured tapering in the Federal Reserve's asset purchase program following the close of its two-day meeting today.

In April, the panel announced another $10 billion reduction in monthly asset purchases to a pace of $20 billion in monthly purchases of mortgage-backed securities and $25 billion in longer-term Treasury securities. The federal funds rate target is set at a range of 0 to 0.25 percent.

Curt Long

NAFCU Senior Economist Curt Long said today's announcement will likely be similar to the April statement. "The FOMC will likely taper $10 billion from its monthly asset purchases once again," Long said. "All eyes will be on the economic projections, particularly assessments regarding the timing of any future increase in the target federal funds rate."