The Federal Reserve said today it will begin winding down its landmark stimulus program, a process Wall Street dubbed “The Taper”. Starting in January, the Central Bank will cut back on the huge bond purchases by $10 billion a month.
Why now? Speaking at his last press conference as Fed chairman, Ben Bernanke said the economy is healthier and the job market is making progress.
Steve Liesman reports from Washington on what the Fed did, why and what Chairman Ben Bernanke said about it at his last press conference as central bank chief. And Bob Pisani reports on the massive record-setting reaction in the stock market.