Federal Reserve cuts monthly asset purchases by US$10 BillionUpdated: 2014-03-20 06:28:04 (KST)
The U.S. Federal Reserve will slash another 10 billion dollars from its monthly bond-buying program because of the progress of the economic recovery.
The central bank's policy-making committee says the Fed will add 55 billion dollars in April to its holdings of Treasury and mortgage-backed securities, down from 65 billion in March and 85 billion in December.
The decision was made following a two-day Federal Open Market Committee meeting, the first to be headed by the new Fed Chair Janet Yellen.
The Fed says it plans to continue trimming the asset purchases in "measured steps" as long as labor conditions show improvements and inflation shows signs of rising.
The central bank also said it could hold its near-zero interest rates steady even after the U.S. job market returns to full strength.
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