The Fed would gradually cut the $120 billion in monthly bond purchases, a practice known as tapering. According to the minutes, the central bank would likely begin by eliminating $10 billion in Treasury bonds and $5 billion in mortgage-backed securities each month. The Fed is now buying Treasurys worth at least $80 billion and MBS worth at least $40 billion. Should there be no setbacks, the target date to end the purchases would be mid-2022.

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