In a speech to business leaders from Las Vegas as well as across the Western region, the president of the San Francisco Branch of the Federal Reserve, John C. Williams, outlined his vision for the near future in terms of monetary policy. He reiterated that the Federal Reserve’s massive asset purchase program, known as quantitative easing (QE), is likely to soon come to an end. QE was an extraordinary and untested monetary policy, meant to inject funds into the economy after more traditional monetary policy options had been exhausted.

As the nation’s economy continues to recover from the worst economic recession since the Great Depression, the Federal Reserve is now scaling back the extraordinary policies put in place to keep the nation’s economy afloat. Rising interest rates, providing the economy continues to grow, seem a likely next step in 2015. That said, as Mr. Williams put it, these actions should be “datadriven”, not “date-driven”, so the timing remains far from certain.

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