Fed Trims QE3 By Another $10 Billion Per Month

(RTTNews) - The Federal Reserve on Wednesday announced another reduction in the size of its massive bond-bond plan despite rising concerns about emerging markets.

As expected, the central bank went ahead with a second $10 billion reduction in its month bond buys, to $65 billion.

The decision came at the end of a two-day meeting that will mark the end of the Ben Bernanke era.

Bernanke is stepping aside as Chairman after eight years, replaced by current Vice Chair Janet Yellen.

Investors are worried that weakness in emerging markets will spread to the U.S., as evidenced a notable drop in the major stock indexes on Wall Street this month.

Still, the Fed sees the U.S. economic recovery proceeding at a moderate pace amid continued improvement in the jobs market.