Fed trims bond buying program; rates to remain low
Wednesday, December 18, 2013 3:38 PM
The Federal Reserve announced plans today to trim its aggressive bond-buying program, but tempered the long-awaited move by suggesting that its key interest rate would stay lower for even longer than previously promised, Reuters reported. The central bank said it would reduce its monthly asset purchases by $10 billion to total $75 billion. It trimmed equally from mortgage and Treasury bonds. But interest rates may remain near zero "well past the time" that the unemployment rate falls below 6.5 percent, the Fed said.