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January 28, 2014
FOMC to update policy statement today
Jan. 29, 2014 – The Federal Open Market Committee could announce more tapering in its asset-purchase program today following the close of a two day policy-setting meeting.
The committee decided to reduce the Fed's asset purchases by $10 billion a month in December, to $75 billion a month. NAFCU economists said the panel could announced another $10 billion reduction in today's policy statement this afternoon.
They said a decision whether to taper may depend on how FOMC members view December's employment data and fourth-quarter growth in gross domestic product. Today's statement should also address whether there will be a change in the federal funds rate target, currently set at a range of 0 to 0.25 percent.
Today's FOMC meeting will be the last for Ben Bernanke, whose term as Fed Board chairman expires Jan. 31. Janet Yellen, currently vice chair, is set to succeed him Feb. 1.
The committee decided to reduce the Fed's asset purchases by $10 billion a month in December, to $75 billion a month. NAFCU economists said the panel could announced another $10 billion reduction in today's policy statement this afternoon.
They said a decision whether to taper may depend on how FOMC members view December's employment data and fourth-quarter growth in gross domestic product. Today's statement should also address whether there will be a change in the federal funds rate target, currently set at a range of 0 to 0.25 percent.
Today's FOMC meeting will be the last for Ben Bernanke, whose term as Fed Board chairman expires Jan. 31. Janet Yellen, currently vice chair, is set to succeed him Feb. 1.
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