The minutes of the latest U.S. Fed June meeting read that the policy makers passed a resolution to wind down the monthly bond-buying program as early as October 2014. “If the economy progresses about as the Committee expects, warranting reductions in the pace of purchases at each upcoming meeting, this final reduction would occur following the October meeting,” the important remark was added to the minutes. According to the new schedule approved by the FOMC, the Fed policy makers believe it would be appropriate to complete asset purchases with another $15 billion reduction. It will be the final stage which means the full termination of the QE program. For the reference, since January the Federal Open Markets Committee (FOMC) has been reducing the volume of Treasury bond and mortgage-backed securities purchases, known as quantitative easing (QE). Importantly, the Minutes clearly state that scaling back the program is not linked to the first rate hike, thus warning market participants not to make hasty conclusions. The minutes indicate little taste for increasing rates ahead of schedule. Despite such remarks, some economists are still certain that completion of the QE program will trigger off tightening the monetary policy. According to the market consensus, the first rate hike is not likely to come until mid-2015. However, considering bond-buying trimming, it might happen in early 2015. Besides, the minutes contain the long-lasting discussion of the Fed officials about the exit procedure from the ultra-soft monetary policy. The Fed decided to reinvest profits gained by securities. Currently, the Fed is holding the record hefty assets worth $4.5 trillion. It means that the market will be supplied with enough cash without QE. The policy makers also agreed that the interest rate on the surplus reserves would be the key point when passing a resolution on the benchmark rate hike. The blueprint will come soon.