Asset purchase reductions are now appropriate, or would soon be, as a result of sustained job market improvements, some Federal Open Market Committee members believe, while others feel a decrease would limit flexibility, according to the minutes of the FOMC's June meeting, released Wednesday.

"Many members" wanted to see further improvement in the outlook for the labor market "before it would be appropriate to slow the pace of asset purchases," the minutes said. "Some" also wanted "more evidence that the projected acceleration in economic activity would occur, before reducing the pace of asset purchases."

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