WASHINGTON, July 9 (Xinhua) -- The Federal Reserve is considering an exit of its loose monetary policy and will decide to end asset-purchase program at its October meeting if the economy progresses as expected, according to the minutes of the Fed's latest monetary policy meeting released Wednesday.
"If the economy progresses about as the Committee expects, warranting reductions in the pace of purchases at each upcoming meeting, this final reduction would occur following the October meeting," according to the minutes.
With the economy having gradually moving out of the prolonged hardship since 2008, the Fed started tapering its bond-purchase program by 10 billion U.S. dollars at every policy making meeting since January.
The Fed has kept the key federal funds rate between zero and 0. 25 percent since December 2008, part of the central bank's ultra- loose monetary policy aimed at boosting the economy from the worst recession in decades.