Asset purchases could be decreased "in coming months," as Federal Open Market Committee members expect data to show "ongoing improvement in labor market conditions," which would warrant such action, according to minutes of the panel's latest meeting, released Wednesday.

Also discusses "scenarios under which it might, at some stage, be appropriate to begin to wind down the program before an unambiguous further improvement in the outlook was apparent," according to the minutes. "A couple of participants thought it premature to focus on this latter eventuality, observing that the purchase program had been effective and that more time was needed to assess the outlook for the labor market and inflation; moreover, international comparisons suggested that the Federal Reserve's balance sheet retained ample capacity relative to the scale of the U.S. economy."

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