The timing of an interest rate increase depends on the economic recovery
The central bank also said it would maintain its quantitative easing program
Chair Jerome Powell signalled the beginning of the end of the Fed's pandemic response in a Friday speech
Since the pandemic began, this is the first such move for a major central bank in Asia
Some of the Fed's policymakers have argued that the bond purchases are driving up prices
CIBC's top economist crunched the economic data
A number of Republicans have already criticized the Fed for not beginning to taper
Covid-19 is far from over, but prepared investors can withstand its effects
More progress is needed on employment, price stability before tapering bond purchases, Powell says
The main concern is that the Fed will end up responding too late and too aggressively to high inflation