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December 09, 2013 AT 3:05 PM
A top Fed official is saying that the Federal Reserve should start to trim its massive bond-buying program next week, and spell out a clear path for phasing it out altogether. Dallas Federal Reserve Bank President Richard Fisher says, "It is time to taper," in remarks prepared for delivery to the DTN/The Progressive Farmer Ag Summit in Chicago. The Fed's next meeting to decide policy is scheduled for December seventeenth and eighteenth. Most economists expect it to defer any change until next year, saying that the cost of the Fed's eighty- five billion dollar a month asset-purchase program "far exceeds" its benefits. Fisher urged reducing it "at the earliest opportunity," and to articulate a clear, well-defined path for ending it by a certain date.