The Federal Reserve further tapered its quantitative easing plan on Wednesday, noting the U.S. economy has rebounded in the second quarter.
As expected, the Fed said it will reduce its asset purchases by another $10 billion, cutting its monthly asset buying program to $25 billion. This puts the Fed on pace to completely wind down its bond buying plan with a $15 billion purchase in October.
After a series of positive economic reading, the real question is when the Fed intends to hike interest rates from historic lows near zero. The Fed provided few clues about the timing of any tightening cycle, offering a mixed assessment of the labor market. Read more here.