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Economy

Fed poised to begin tapering as early as next month

Minutes from September meeting of FOMC indicate stimulus program could end by mid-2022

The Federal Reserve Bank of New York: The Fed is poised to begin phasing out its pandemic-era stimulus program as soon as next month.   © Reuters

WASHINGTON (Financial Times) -- The Federal Reserve is poised to begin phasing out its pandemic-era stimulus program as early as next month and wrap up the process by mid-2022, as the economic recovery advances and more officials pencil in an interest rate rise next year.

Minutes from the September meeting of the Federal Open Market Committee showed officials firming up their plans for the eventual end to the $120bn monthly asset purchase program that has been in place since last year to bolster financial markets and the economy.

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