Fed's Evans expects tapering to be completed by end of year

The U.S. Federal Reserve is expected to complete the tapering of its stimulus plan by the end of this year, Chicago Fed President Charles Evans said at a conference in Istanbul on Monday. Fed policymakers began in April to lay groundwork for an eventual retreat from their extraordinarily easy monetary policy with a discussion of the tools they could employ to accomplish the task, but no final decisions were taken, according to minutes of the session released last month. Evans also said the Fed's 2 percent inflation target should not be seen as a ceiling and could be higher.

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