The Federal Open Market Committee said it will cut its bond purchases by $10 billion per month, to $75 billion, while Wall Street economists broadly expected the central bank to hold steady. The Fed's policy-setting committee also tweaked its so-called forward guidance to say it expects to maintain interest rates at historic lows 'well past the time' when the unemployment rate falls below its target of 6.5%. The central bank also said members of the FOMC lowered their view on where the unemployment rate will land over the next few years. FOMC members now see the unemployment rate ranging from 6.3% to 6.6% in 2014, compared to a September estimate of 6.4% to 6.8%.
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