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  The Fed statement accompanying the announcement said the central bank wanted to wait for "more evidence that progress will be sustained" before it starts to cut back on its asset purchases. The Fed also noted that rising mortgage rates and curbs in government spending were restraining the economy from a higher growth rate. In the absence of meaningful fiscal policy from Capitol Hill – indeed, amid a failure to come to any sort of agreement on a budget or reducing the federal deficit, and with the threat of a looming government shutdown – the Fed's asset-purchase program has been the single most important piece of macroeconomic policy.