RTTNews reports that the Federal Reserve hinted that tapering of the central bank's asset purchases could begin in the near future.

The Fed said in the announcement of its latest monetary policy decision that a "moderation in the pace of asset purchases may soon be warranted" if progress towards its dual goals continues broadly as expected.

During his post-meeting press conference, Fed Chair Jerome Powell indicated the central bank could begin tapering its asset purchases as soon as its next meeting in early November.

"While no decisions were made, participants generally viewed that so long as the recovery remains on track, a gradual tapering process that concludes around the middle of next year is likely to be appropriate," Powell said.

Powell said substantial further progress has been achieved with regard to the Fed's inflation goal, while "the test for substantial further progress on employment is all but met."

The comments about tapering asset purchases came as the Fed announced its widely expected decision to keep the target range for the federal funds rate at 0 to 0.25 percent.