US Fed says it may begin to gradually reduce asset purchases in mid-November

US Federal Reserve headquarters

The US Federal Reserve officials are considering reducing the pace of its monthly asset purchases as early as mid-November, starting with withdrawal of stimulus linked to the coronavirus pandemic.

According to minutes from the September meeting, officials believe that the time may be right to start reducing bond purchases starting November.

The Federal Reserve's monetary policy meeting resulted in fixing the interest rate at a range between zero and 0.25%, while keeping the asset purchase program at $120 billion per month.

Half of the Federal Reserve's Open Market Committee members expected a rate hike to start next year, instead of earlier expectations that rates would not be raised until 2023.

The Federal Reserve is scheduled to hold its next monetary policy meeting on Nov. 2 and 3.