Fed's Wild Cards in the next meeting

The Fed's measured reductions in bond-buying sets it up to announce the end of the program in either October or December; it could telegraph the end date this week.

Longer term, the central bank could formally redefine its strategy for returning to a normal policy stance and shrinking its nearly $4.5 trillion balance sheet. The principles were last published exactly three years ago but have grown stale.
Another long shot is an announcement that the Fed has formally adopted a tool now being tested, called an overnight reverse repurchase agreement facility, that could help it drain reserves from financial firms when the time comes to raise rates. The repo tool was likely a focus of the Tuesday morning meeting on medium-term monetary policy. The rates will go up soon. Forwarded by Ty Laffoon