Expectations are building among U.S. economists that the Federal Reserve will scale back its bond-buying program in September, from the current $85 billion a month to $65 billion, according to a Bloomberg survey. But "markets have adjusted to the new information that the Fed is likely to reduce purchases over the near term, and they've come to terms with it. Investors believe it won't be a strong negative for the markets or the economy," said Russell Price, senior economist at Ameriprise Financial in Detroit.

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