The end of US Federal Reserve asset purchases this week marks the climax of an unprecedented monetary campaign, but there is no room for a triumphant declaration of victory.
Barring a big shock, the US central bank will taper its last $15bn-a-month of asset purchases to zero, completing the third round of quantitative easing it began in September 2012.
With no press conference on Wednesday, however, the Fed’s only communication will be its statement – where the changes are likely to be modest. It will be a quiet end to a history-making programme of asset purchases, one that has helped put the US economy back on track, and added trillions to the Fed’s balance sheet.
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