Fed slows the pace of QE

The Fed announced it will buy $15B a day in bonds next week compared to $30B this week.

The response in the Treasury market has been swift with US 5-years yields rising to 0.35% from 0.33%.

Fed slows the pace of QE

That's spilled over into the US dollar, which is making a small move higher across the board.

Here's the Fed's balance sheet:

balance sheet