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“Participants also touched on the conditions under which it might be appropriate to change the pace of asset purchases. Most observed that the outlook for the labor market had shown progress since the program was started in September (2012), but many of these participants indicated that continued progress, more confidence in the outlook, or diminished downside risks would be required before slowing the pace of purchases would become appropriate. A number of participants expressed willingness to adjust the flow of purchases downward as early as the June meeting if the economic information received by that time showed evidence of sufficiently strong and sustained growth; however, views differed about what evidence would be necessary and the likelihood of that outcome.”
Bernanke followed up his previous statements in the press conference that followed the Fed's meeting on July 19. While stating that the quantitative easing policy remains in place for now, the Fed Chairman also the policy remains dependant on incoming data. Given the improvement in the U.S. economy, he expects this data-driven approach will prompt him to begin to taper QE before the end of 2013, with the program ending entirely in 2014.