By Jonathan Davies

The US Federal Reserve will end its stimulus programme in October, with interest rates to be raised a "considerable time" after.

Some analysts had expected the Fed to announce a specific date for a rate raise, but chair of the Federal Reserve Janet Yellen said there was no "calendar date" in place.

It was widely expected that the Fed would announce the end of its stimulus programme. It has been buying billions of dollars worth of bonds in an attempt to keep long-term interest rates low and boost spending.

Ms Yellen said: "As I have said repeatedly, the decisions that the committee makes about what is the appropriate time to begin to raise its target for the federal funds rate will be data dependent.

"If the events surprise us and we are moving more quickly toward our objectives and the committee sees a need to move sooner, or later depending on what the data is... I do feel we have the flexibility to move.

"It is important for markets to understand that there is uncertainty and the statement is not some sort of firm promise about a particular amount of time."

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