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The Federal Reserve is unwinding

Federal Reserve Chair Janet Yellen on Capitol Hill in Washington, July 26, 2017. Photo: Pablo Martinez Monsivais / AP

The Federal Reserve "is likely to announce Wednesday it will start slowly shrinking its $4.2 trillion portfolio of mortgage and Treasury bonds purchased during and after the financial crisis," the Wall Street Journal's Nick Timiraos writes on the front page:

Why it matters: "If it succeeds, the central bank will quietly close a chapter on an extraordinary policy experiment that lowered borrowing costs for homeowners, businesses and consumers, and will provide a model for other central banks that followed suit."