The Federal Open Market Committee reiterated its intention to end a $1.25 trillion program to purchase mortgage-backed securities and stop its liquidity backstops as it upgraded its economic outlook. "This is as close an admission that we are likely to see that the FOMC thinks the recession is over and the economy is on a self-sustaining recovery path," said Christopher Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ.

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