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Fed shows faith in U.S. economy with bond-buying reduction Updated: 2014-05-01 06:41:26 KST

Fed shows faith in U.S. economy with bond-buying reduction
The U.S. Federal Reserve has announced a further reduction of its economic stimulus efforts.
The central bank says it will cut its monthly bond-purchases by an additional 10 billion dollars to 45 billion dollars.
Fed chair Janet Yellen says the bank will continue to support the U.S. economy for as long as it thinks is necessary.
The continued tapering was announced on the same day official figures showed the U.S. economy grew at an annual rate of just point-one percent in the first quarter.
However, the Fed says it thinks growth has picked up recently, after contracting during the winter due to adverse weather conditions.
The announcement didn't have that much of an impact on Wall Street, with the Dow Jones, Nasdaq, and S&P 500 all slightly up for the day.


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