http://hosted.ap.org/dynamic/stories/U/US_FED_MINUTES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-07-09-17-55-32
WASHINGTON (AP) -- Federal Reserve officials are in broad agreement that they will likely announce an end to their monthly bond buying program in October, bringing to a close the third round of massive bond purchases the central bank has relied upon to boost economic growth following the Great Recession.
Minutes of the Fed's June 17-18 meeting released Wednesday showed officials were in basic agreement that the if the economy continues to improve, the final reduction in bond purchases would total a cut of $15 billion and would be announced at the Fed's Oct. 28-29 meeting.
With that final reduction, the Fed's balance sheet will be close to $4.5 trillion, more than four times the amount of the balance sheet when the financial crisis struck in the fall of 2008. The Fed has purchased Treasury bonds and mortgage-backed securities as a way to lower long-term interest rates to give the economy a boost.
Fed officials have said they will not immediately start selling off the holdings, a move that could send interest rates rising. But instead will reduce the holdings only gradually.
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