The Federal Reserve announced on Wednesday that it will start tapering the pace of its asset purchases later this month.
The Fed said the move came “in light of the substantial further progress the economy has made toward the Committee’s goals since last December”.
The Fed left interest rates unchanged, noting in its statement that the elevated inflation is “largely reflecting factors that are expected to be transitory”.
The US stock market took the announcement in its stride. The S&P 500 rose 0.6 percent to another record high.
Ryan Detrick, chief market strategist for LPL Financial, said that “earnings continue to come in way better than expected and are helping to justify stocks are current levels”.
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