In Bernanke's final act, Fed cuts stimulus despite market turmoil

Given the U.S. economy's growing strength, the Federal Reserve pushed ahead Wednesday with a plan to shrink its bond-buying program, even though the prospect of reduced stimulus and higher interest rates has rattled global markets.

The central bank sait it will cut its monthly bond purchases starting in February by $10 billion to $65 billion, according to Al Jazeera.

The Fed's decision came in a statement after Ben Bernanke's final policy meeting. He will step down Friday after eight years as chairman to be succeeded by Vice Chair Janet Yellen.

Read more from Al Jazeera.