The Federal Reserve officials continue to take a wait-and-see approach to ending their $1.25 trillion MBS purchase program by the end of this quarter, according to a statement issued by the Federal Open Market Committee (FOMC).

The Fed is gradually slowing the pace of agency mortgage-backed securities buys and it had already purchased $1.15 trillion in MBS as of Jan. 20. The FOMC "anticipates" that it will complete the MBS purchases of the end of the first quarter.

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