Federal Reserve Could Taper ‘Soon’ as Officials See Interest Rate Hike Next Year

Federal Reserve Could Taper ‘Soon’ as Officials See Interest Rate Hike Next Year
The U.S. Federal Reserve said it will keep interest rates near 0% and continue to purchase bonds at the same $120 billion-a-month pace it has been doing, but the market now has clarity on how the central bank will start to unwind, or taper, its stimulus program.The Federal Open Market Committee (FOMC), the central bank’s monetary policy panel, said Wednesday in a statement that tapering the bank’s bond purchases “could be warranted soon,” because the economy has made progress toward its goal of maximum employment. The panel said it will keep the target rate for federal funds in a range…