NEW YORK (AP) - A majority of business economists believe the Federal Reserve will begin to pull back on its massive economic stimulus program early next year, according to a recent survey.
The National Association of Business Economists said 62 percent of its forecasters expect the Fed will pull back on its bond-buying program in the first quarter of 2014. Another 30 percent believe the Fed will begin to reduce its bond buying in the second quarter of 2014.
The Federal Reserve has been buying $85 billion in bonds each month in an effort to keep interest rates low and stimulate the economy.
Also in its survey, the NABE said the majority of its forecasters expect the U.S. economy will grow faster rate in 2014 than it did this year.