The US Federal Reserve has concluded the tapering of its multi-year bond buying programme and begun turning its attention to a future interest rate hike.
The central bank said on Wednesday the US labour market has made "significant gains" in recent months, making the economy strong enough to withstand the full withdrawal of QE3. In a more hawkish statement than usual, the Federal Open Market Committee (FOMC) said excess supply of labour is "gradually diminishing", having previously said there was "significant underutilisation" of the labour market. "The committee judges that there has been a substantial improvement in the outlook for the labor market since the inception of its current asset purchase programme. "Moreover, the committ...
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