Fed Speeds Up Stimulus Withdrawal, and Bitcoin Jumps

According to a statement Wednesday, the Fed will double the pace of tapering its monthly bond purchases, reducing them by $30 billion every month until they’re completely wound down early next year. Under the Fed’s previous plan, it would have withdrawn $15 billion of the stimulus every month to wind down the program by the middle of next year. For most of the past couple of years, the Fed has been printing money to buy about $120 billion of bonds a month.