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MNI BRIEF: Fed Could Start $15B Per Month Taper in Nov-Minutes

MNI (Washington)

Officials discussed 'illustrative path' to reduce asset purchases by $15 billion per month at September FOMC meeting, minutes show.

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Federal Reserve officials discussed a plan to slow emergency support for the economy in either mid-November or mid-December at their Sept. 21-22 policy meeting at a USD15 billion per month pace, according to minutes of the gathering released Wednesday.

Fed officials are discussing when to slow down, or taper, the USD120 billion per month in Treasury and mortgage-backed securities. After their meeting, Fed officials said the plan could start "soon" and end by the middle of next year.

The minutes showed that officials discussed "an illustrative plan" to reduce the purchases by USD15 billion per month: Treasury purchases by USD10 billion and USD5 billion for MBS. Wile no decision was made, "several" Fed officials said they preferred to proceed at a more rapid pace.