Fed minutes show support for tapering

Federal Reserve officials are united in their support for tapering bond purchases but split on the precise date of the move, according to the minutes of its latest rate setting meeting.

Almost all Fed officials were comfortable with plans outlined by chair Ben Bernanke to scale back asset purchases this year, and end them entirely by the middle of 2014. However, they have not settled on whether the economy is strong enough to withstand tapering at the next meeting on 17-18 September. "A few members emphasised the importance of being patient and evaluating additional information on the economy before deciding on any changes to the pace of asset purchases," the minutes said. Some participants had suggested lowering the 6.5% unemployment threshold, which must be reac...