Fed Sets Tapering of Asset Purchases To $75 Billion, From $85 Billion

The U.S. Federal Reserve said on Wednesday that it will reduce its monthly open market purchases of financial assets to $75 billion, down from $85 billion previously and it slightly raised its economic growth outlook for the nation. "Beginning in January, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $35 billion per month rather than $40 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $40 billion per month...