Fed Phasing Out Bond Buying

Washington, D.C., June 20, 2013—Federal Reserve Chairman Ben Bernanke announced yesterday that the central bank will begin phasing out its $85 billion in monthly bond buying later in 2013, according to Bloomberg News.

This was one of the most aggressive easing programs in the Fed’s history.

Bernanke says that the Fed will halt purchases completely in 2014, as long as the world economy performs as expected. He also said that these actions hinge on gains in the U.S. labor market and a pickup in growth.