Fed's Powell: Sees asset purchases scaled back this year, sign of a healing US economy

The Federal Reserve's Jerome Powell says that he sees quantitative easing scale back this year, following comments made by the Fed's William Dudley just moments ago.

Seeking to add clarity, Powell said that if the economy grows as expected, bond buying will be scaled back later this year and will end around the middle of 2014.

He said that there are many signs the economy is healing, and if bond buying is scaled back later in 2013, that is an acknowledgement of progress.