US Federal Reserve to slowdown efforts to stimulate economy

The U.S. Federal Reserve has announced a slowdown in its effort to boost the country's economy.

The central bank said it planned to scale back its 85 billion dollars a month bond buying programme by 10 billion dollars a month.

According to the BBC, stimulus of this kind is designed to lower interest rates and boost economic activity

The Fed's governing committee cited stronger job growth as a reason for the decision to begin scaling down its programme of bond buying, the report said.

The Fed will reduce its US Treasury purchases from 45 billion dollars to 40 billion dollars per month and its buying of mortgage-backed securities (MBS) from 40 billion dollars to 35 billion dollars per month, the report added.

With its decision, the US's central bank is recognizing the improvement in the world's largest economy.