Fed tiptoes further towards exit

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In a sign that the central bank is tentatively preparing to exit from extraordinarily loose monetary policy, the New York Federal Reserve on Monday announced plans to conduct a series of small-scale, reverse repurchase operations with primary dealers in the coming weeks.

The New York Fed said in October that it was examining the use of reverse repurchase operations as a means to withdraw the exceptional monetary support it has provided to financial markets.

However, the central bank stressed tha

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