In March 2013, the Committee began noting in its postmeeting statement that it would consider “the extent of progress toward its economic objectives” in judging “the size, pace, and composition of its asset purchases.” 2 In late May, the Chairman stated, in response to a question during a congressional hearing, that the Committee might begin to reduce the pace of asset purchases “over the next few meetings.” 3 A few weeks later, at his press conference after the June 2013 FOMC meeting, the Chairman noted that the substantial improvement test might well be met over the coming year, and he therefore set forth a framework designed to clarify the path of purchases.
4 Under the most recent articulation of that framework, in considering when to reduce purchases, the Committee will “assess whether incoming information continues to support [its] expectation of ongoing improvement in labor market conditions and inflation moving back  1  The Committee also noted: "In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases."