- The Fed tapers by $10B, as expected, to $25B/month, saying the economy rebounded in Q2 while also seeing "significant slack" in the U.S. labor market that warrants keeping money easy for months to come.
- Says long-run inflation expectations remain stable, but the likelihood of inflation running persistently below 2% "has diminished somewhat."
- The Fed vote to taper was 9-1, with Plosser dissenting.
- Stocks move up slightly, Treasury prices tick higher, precious metals are little changed.
- FOMC statement.