The Federal Open Market Committee released minutes from its June 15-16 meeting, during which it held short-term interest rates near zero but also indicated that it might be adjusting policy otherwise in the months ahead.
The Federal Reserve’s policymaking group kept its benchmark rate anchored in a range between 0% and 0.25%. That was according to market expectations.
However, at his post-meeting news conference, Chairman Jerome Powell indicated that committee members had held their first discussions about reducing the pace of bond purchases the central bank makes each month. As things stand now, the Fed is buying at least $80 billion of Treasurys and $40 billion of mortgage-backed securities.
In the weeks since the meeting, several officials have said they think it’s time to work up a process on how those purchases will be scaled back and eventually eliminated – “tapering,” in Fed parlance.
The meeting summary was expected to provide further clues about committee members’ thinking on when the tapering might begin.
This is breaking news. Please check back here for updates.
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