The Federal Reserve will taper its quantitative easing by another $10 billion to $55 billion a month because it thinks the economy is strong enough to support higher employment, it said Wednesday.

It also said it would continue to keep short-term rates low to help bolster the economy but did not specify at what rate it might eventually raise rates, as it has done in the past.

The Fed's previous statement had said it planned to keep short-term rates at record lows "well past" the time unemployment fell below 6.5 percent. The rate is now 6.7 percent.

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