The US Federal Reserve has signalled it is moving closer to slowing its bond-buying programme, which is intended to keep long-term interest rates at record lows.
The Fed offered a more optimistic outlook for the US economy and job market, but said it will maintain the pace of its bond purchases for now.
Chairman Ben Bernanke said the Federal Reserve could scale back its $85b (£54b) in monthly bond purchases later this year if the economy continues to improve.
Mr Bernanke likened any reduction in the Fed's bond purchases to a driver letting up on a gas pedal rather than applying the brakes.
He said the reductions would occur in "measured steps" and that the programme could end by the middle of next year.
Investors reacted initially to the Fed's announcement by selling both stocks and bonds.
The Dow Jones industrial average was down 70 points shortly after the statement came out; minutes earlier, it had been down just 16.
Timothy Duy, a University of Oregon economist who tracks the Fed, called the statement "an open door for scaling back asset purchases as early as September".
The fact that the Fed foresees less downside risk to the job market "gives them a reason to pull back" on its bond purchases, Mr Duy said.
The central bank also said it would maintain its plan to keep short-term rates at record lows at least until unemployment reaches 6.5%.
Last month, the US economy added 175,000 jobs. But the unemployment rate is still high at 7.6%. Economists tend to regard the job market as healthy when unemployment is between 5% and 6%.
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