The US central bank is expected to continue to cut its stimulus programme at its policy meeting this week. <br /><br />Economists said despite recent weak growth, the Federal Reserve – under new chair Janet Yellen – will likely announce a further $10 billion reduction of monthly bond purchases. <br /><br />Financial markets will be looking for clues from the Fed’s statement at the end of the two-day meeting on Wednesday as to when interest rates might start rising.<br /><br />As the meeting started, the Senate Banking Committee approved Stanley Fischer to replace Yellen as the central bank’s No. 2.<br /><br />His previous roles include being second in command at the International Monetary Fund, chief economist at the World Bank and vice chairman at Citigroup.<br /><br />He now goes before the full Senate for a final confirmation vote. <br /><br />with Reuters