The US Federal Reserve plans to “proceed cautiously” in slowing down its asset purchases as the minutes of its December meeting put a dovish spin on the momentous decision to taper its third round of quantitative easing.
In his press conference after the meeting, outgoing chairman Ben Bernanke signalled that the Fed was likely to slow its purchases by $10bn at each meeting. The minutes show that this was intended to calm market fears of a quicker exit rather than signal that the Fed was in a hurry to end the QE3 programme.
The minutes show that there was a strong consensus behind the Fed’s decision to taper. “Most participants saw a reduction in the pace of purchases as appropriate at this meeting,” they say.
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