Federal Reserve policymakers cut the pace of bond buying for a second straight meeting, uniting behind a strategy of gradual withdrawal from Ben S. Bernanke's unprecedented easing policy, as Janet Yellen prepares to succeed him as chairman.
The Federal Open Market Committee (FOMC) said it will trim monthly purchases by $10 billion to $65 billion, citing labor-market indicators that "were mixed but on balance showed further improvement" and economic growth that has "picked up in recent quarters."
It was the first meeting without a dissent since June 2011, showing the tapering strategy has brought together policymakers concerned that the Fed's record $4.1 trillion balance sheet might cause asset price bubbles with those who, like Vice Chairman Yellen, say more needs to be done to reduce unemployment.
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