In Bernanke's final act, Fed cuts stimulus despite market turmoil
WASHINGTON (REUTERS) - The Federal Reserve on Wednesday, Jan 29, 2014 decided to trim its bond purchases by another US$10 billion (S$12.8 billion) as it stuck to a plan to wind down its extraordinary economic stimulus despite recent turmoil in emerging markets.
The action was widely expected, although some investors had speculated that the US central bank might put its plans on hold given the jitters overseas.
Fed chairman Ben Bernanke, who hands the Fed's reins to vice-chair Janet Yellen on Friday, managed to adjourn his last policy-setting meeting without any dissents from his colleagues.
It was the first meeting without a dissent since June 2011 - a sign of how tumultuous Bernanke's tenure has been.