In a not too surprising move, the Fed signaled the end maybe near for quantitative easing. This is the third QE cycle which has extended the central bank's balance sheet to $4.4 trillion. "Participants generally agreed that if incoming information continued to support its expectation of improvement in labor market conditions and a return of inflation toward its longer-run objective, it would be appropriate to complete asset purchases with a $15 billion reduction in the pace of purchases in order to avoid having the small, remaining level of purchases receive undue focus among investors," the minutes stated. "If the economy progresses about as the Committee expects, warranting reductions in the pace of purchases at each upcoming meeting, this final reduction would occur following the October meeting." Federal Reserve Press Release