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Fed faces tough decision on US$4t Treasury debt maturing next year

"When the FOMC chooses to cease reinvestments, the balance sheet will naturally contract," said Mr Fischer

New York

IN case exiting years of zero interest rates won't be hard enough, Federal Reserve officials have another challenge approaching quickly: when to begin unwinding trillions of dollars of bond purchases that constitute the world's largest fixed-income portfolio.

Less than a...

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