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Fed announced $10 bln tapering

Farewell surprise from Mr. Bernanke )

The Federal Reserve announced it would cut its monthly bond purchases in January to $75 billion from $85 billion, taking the first step toward unwinding the unprecedented monetary stimulus. “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” purchases, the Federal Open Market Committee said today. The interest rate will remain at record lows at least before the unemployment falls below 6.5%. The Fed has also revised its economic forecasts to the upside.

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