In December 2012, the Federal Reserve announced the advent of the Evans Rule — that the Fed will keep the federal funds rate low either until unemployment falls below 6.5 percent, or inflation rises above 2.5 percent.

Today, Fed Chair Janet Yellen and the rest of the Federal Open Market Committee ditched that rule, announcing that the central bank will continue to keep rates low, even though unemployment is now at 6.7 percent, just 0.2 percentage points away from the target.

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The other decision Yellen announced today — reducing the quantitative easing bond-buying programs by another $10 billion to $50 billion per month — was entirely to be expected given February's strong employment growth. Tapering is a gradual process. If unemployment fails to fall further, further tapering can be delayed or reversed. Or, if inflation picks up, tapering can be accelerated.

All in all, a good start for Janet Yellen.

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John Aziz is the economics and business correspondent at TheWeek.com. He is also an associate editor at Pieria.co.uk. Previously his work has appeared on Business Insider, Zero Hedge, and Noahpinion.