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WASHINGTON Cheap Lions Jerseys , July 9 (Xinhua) -- The Federal Reserve has decidedto end its asset purchase program in October if the U.S. economystays on track, according to the minutes of the Fed's latestmonetary policy meeting released on Wednesday.


"If the economy progresses about as the Committee expects,warranting reductions in the pace of purchases at each upcomingmeeting, this final reduction would occur following the Octobermeeting," the minutes of the Fed's June 17-18 meeting said.


This is the first time the Fed has clarified the exact end dateof its open-ended asset purchase program Barry Sanders Hat , also known as QE3, whichwas launched in September 2012 to push down long-term interestrates and stimulate the U.S. economy.


The Fed has been trimming its asset purchase program by 10billion U.S. dollars every policy meeting this year, as the economygradually picks up. The central bank is currently buying 35 billionU.S. dollars of U.S. Treasuries and mortgage-backed securities amonth.


The Fed is expected to continue to reduce its asset purchases by10 billion dollars for each of its July and September policymeetings, and end the program in the October meeting with a finalreduction of 15-billion-dollar purchases, according to theminutes.


Analysts said the end of asset purchases will have no bearing onthe timing of the first interest rate hike. The Fed has said it isappropriate to keep its benchmark short-term interest rates nearzero "for a considerable time" after the asset purchase programends.


There is "no mechanical formula for what a considerable timemeans Graham Glasgow Hat ," Federal Reserve Chair Janet Yellen said in a pressconference last month, adding that it depends on how the economyprogresses. Most market participants predict the central bank willwait until mid-2015 to start raising interest rates.


The minutes showed that Fed officials had deep discussions abouthow to hike interest rates when the time comes. Fed officialsgenerally agreed that the rate of interest on excess reserves(IOER) that banks hold at the Fed should play a "central" role inmonetary policy normalization and set a ceiling for its targetinterest rate.


The overnight reverse-repo facility, a measure for non-bankinstitutions to make deposits at the Fed, will have an interestrate set below the IOER rate and help firm the floor for its targetinterest rate.


The spread would be "near or above the current level of 20 basispoints" and give the Fed adequate control over market interestrates, the minutes said.


Most Fed officials also agreed to reinvest the proceeds ofsecurities that mature on its balance sheet until interest rateshad been increased.


The minutes said that the U.S. economy was "rebounding" in thesecond quarter following "a surprisingly large decline in real GDP"in the first quarter of the year.


Fed officials continued to expect the U.S. economy to expandover the next two and a half years as a result of accommodativemonetary policy Michael Roberts Hat , diminished drag from fiscal restraint, furthergains in household net worth, and rising employment and wages