``The US Federal Reserve is likely to reduce its bond purchases in $US10 billion increments over the next seven meetings before ending the program in December 2014, economists said... "We're going to take further modest steps subsequently, so that would be the general range," Bernanke said. "We could stop purchases if the economy disappoints, we could pick them up somewhat if the economy is stronger."'' -- The Fed doing a "test taper", so the market can actually tank before the Fed goes "all out" was widely expected.

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