The Federal Reserve said it will reduce its monthly bond buying purchases by $10 billion beginning in January.

The Fed said in a news release, “Beginning in January, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $35 billion per month rather than $40 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $40 billion per month rather than $45 billion per month.”

In addition, the Fed said it will keep the target range for the federal funds rate at 0 to 0.25% and currently anticipates that this range will be appropriate at least as long as the unemployment rate remains above 6.5%.

To read the full Fed news release click here.