Federal Reserve to End Direct Support of US Economy in October
With the U.S. economy improving, policymakers at the country's central bank say they plan to end their direct economic support of the world's largest economy in October.
Since late 2012, the Federal Reserve has been purchasing up to
The Federal Reserve has been steadily cutting the size of the monthly asset purchases and has said that if the country's economic fortunes continue to improve, it would end them altogether late this year, without setting a specific date.
But Wednesday, the policymakers released minutes of their mid-June meeting showing that the Federal Reserve intends to end securities purchases in October, "if the economy progresses" on its current path, as it expects.
More than nine million workers remain unemployed in the U.S. But its labor market has been adding jobs at the fastest pace since 1999, and the jobless rate fell in June to 6.1 percent, its lowest level in nearly six years.
Most Popular Stories
- Pandora Tumbles in Late Trading
- Sporty Ford Fiesta Fires on All 3 Cylinders
- Stop-Start Engines Save Gas, Reduce Emissions
- World Tensions Don't Curb Enthusiasm for Stocks
- Russia Fears Lasting Damage From Ukraine Crisis
- Visa, Amazon Results Drag Down the Street
- U.K. Economy Surpasses Pre-Crisis Peak
- Hispanic Leader Goes the Extra Mile
- Ohio State Band Chief Fired After Probe
- Shia LaBeouf Plea Deal, Alcoholism Treatment