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SoL #19: Taper

As expected, new Fed Chair Yellen announced today at the FOMC meeting today that the volume of QE per month was being reduced from $65 billion to $55 billion. The program is expected to end in fall of this year assuming no drastic economic changes. She also said interest rates would stay extremely low for a long time. Monetary policy will be less reliant going forward on the 6.5% unemployment target and will now be dependent upon a variety of economic thresholds.

I like today's news, though the markets did sell off today possibly due to lower GDP growth forecasts. I think the program should end soon, since the recovery has accelerated.