Fed set to finish taper in October

FOMC mulls whether to raise Fed funds rate or shrink balance sheet first

Janet Yellen's first FOMC meeting
FOMC meeting
Federal Reserve

The Federal Open Market Committee (FOMC) has said it is likely to wrap up its monthly asset purchasing programme, also known as quantitative easing, in October, and hinted a decision on whether the Fed will shrink its nearly $4 trillion balance sheet before it raises interest rates or vice versa would be unveiled before the end of the year.

According to minutes from the FOMC's June meeting, published yesterday, members "generally agreed" a $15 billion reduction in asset purchases following the

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