Citing stronger job growth and other positive economic factors, the United Stations Federal Reserve Bank is scaling back its efforts to boost the US economy, although Fed Chairman Ben Bernanke is warning that the recovery thus far is “far from complete.”

Bernanke said the Fed said it would keep its short-term interest rate at near zero until “well past the time” that the unemployment rate drops below 6.5 percent.  In the past, the Fed has said it would hold rates low as long as the unemployment rate was above that threshold.

“We're not doing less,” he continued.  “We're providing a great deal of accommodation to the economy.”

So, the Fed will reduce its US $85 Billion (£51.8bn) a month bond buying program by $10 Billion a month.  The $10 Billion reduction comes from two areas: the Fed will reduce its US Treasury purchases from $45 Billion to $40 Billion per month as well as its buying of mortgage-backed securities (MBS) from $40 Billion to $35 Billion per month.

It’s likely Bernanke’s last big move in the world’s largest economy.  Vice Chair Janet Yellen is expected to be confirmed by the US Senate as his replacement this week, and she will take over after Bernanke's term ends on 31 January 2014.