The US Federal Reserve has announced its third programme of monthly bond purchasing - quantitative easing (QE3) - will be brought to a close. Positive US economic data, such as the lowest unemployment rate since 2008 in October, the strongest industrial production growth for more than two years in the 3q14, as well as robust GDP annual growth rates of 4.6% and 3.5% in the 2q and 3q14, respectively, preceded the Fed's decision. This month the OECD (Organisation for Economic Cooperation and Development) noted the US recovery was "broadly on track" and forecast GDP to expand by around 3% in 2015 and 2016, compared with 2.2% this year and in 2013. Last month the International Monetary Fund raised its projection for the country's 2014 GDP growth by 0.5 percentage points from July's forecast to 2.2%, with . a projection of 3.1 % for 2015.
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