The US Federal Reserve will end its huge, QE3 programme of asset purchases in October if the economy stays on track, according to the minutes of its June meeting.
The Fed has been slowing its asset purchases by $10bn every meeting this year and they currently stand at $35bn-a-month. That left doubt about whether the purchases would end in October or December – crucial for judging when the first increase in interest rates might arrive.
In its minutes, the central bank says they will end with a $15bn taper in October unless there is a surprise on the economy. That signals a clear end-date for the programme for the first time after which attention will turn to a first rate rise.
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