Fed continues tapering bond purchases

Breaking News March 20, 2014 00:00

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Washington - The US Federal Reserve will continue to taper its monetary policy of quantitative easing, paring monthly purchases of government-backed bonds from 65 billion to 55 billion dollars, the rate-setting central bank announced Wednesday.

The lower rate of bond purchases will take effect in April, the Fed's monetary policy committee said in a statement after concluding a regular meeting in Washington.
The Fed maintained its benchmark interest rates at the unprecedented, near-zero level held since December 2008.
"Much remains to be done on both the jobs and inflation fronts," Fed Chairwoman Janet Yellen said after the meeting, in her first press conference since taking the helm of the board on February 1.

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