The Federal Open Market Committee just announced the first reduction (a.k.a. "tapering") of the pace of monthly bond purchases the Federal Reserve makes under its quantitative easing program known as QE3.
This comes as a bit of a surprise, but markets are taking it in stride— stocks and bonds are actually trading higher in the wake of the decision.
Ben Bernanke is holding his final press conference as chairman of the Fed. We are live-blogging it below.
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2:33 PM: Bernanke is reading his opening remarks. He says the FOMC sees job growth continuing based on recent data.