• Treasury purchases cut to $10bn as exp
  • MBS to $5bn as exp
  • Interest rate unchanged at 0.25%
  • First rate rise seen in 2015 by 14 officials vs 12 in June
  • “Considerable time” pledge remains as growth remains moderate
  • Fed also releases exit document
  • Will end QE program at next meeting in outlook holds
  • Repeats highly accommodative policy remains appropriate
  • Fisher and Plosser dissent on FOMC vote on forward guidance