The FOMC meeting on Wednesday indicated that the Fed was gathering plans to ease the pace of their monthly bond purchases likely before the end of the year. The progress in job growth and economic inflation was “close to being satisfied”. However, Fed officials stated that employment has not met the “substantial further progress” benchmark the Fed has set before it would consider raising rates. Fed officials stated that there is no link between tapering and potential interest rate hikes. However, they stated that tapering will happen first, with interest rate hikes being unlikely until the process has been completed and the central bank’s balance sheet isn’t growing anymore. Opinions on inflation varied between the officials.