Pick specific examples from the article and analyze them by showing how they relate to finance concepts such as inflation, tapering, yields, bonds, monetary policy, and so on

The Feds rate-setting committee, at the end of a two-day gathering, indicated in its postmeeting statement Wednesday that it could start to reduce, or taper, its $120 billion in monthly asset purchases as soon as its next scheduled meeting, Nov. 2-3

The purpose of that language is to put notice out that that could come as soon as the next meeting, Fed Chairman Jerome Powell said at a press conference. Mr. Powell said officials hadnt made a formal decision on how quickly to reduce purchases, but most agreed that a gradual process that concludes around the middle of next year is likely to be appropriate. Major U.S. indexes soared to intraday highs following the central banks statement, with the Dow Jones Industrial Average adding as much as 520.58 points at its peak. The bluechip index was up 338.48 points, or 1%, at the close of trading. In the bond market, the yield on the 10-year Treasury note ticked up to 1.332%, from 1.323% on Tuesday. New projections released at the end of the Feds two-day policy meeting showed half of 18 officials expect to raise interest rates by the end of 2022. In June, just seven officials anticipated that, with most instead penciling in rate increases in 2023. The projections showed several officials expected somewhat higher inflation next year than they had in June and nearly all penciled in more rate increases in 2023. I came away thinking Federal Reserve officials are somewhat more concerned about elevated risks of inflation and they see the possibility that inflation could be a little more persistent, said Tiffany Wilding, economist at Pacific Investment Management Co. You saw a very consistent view across the committee that, We really need to manage inflation risk, and therefore we may need to hike sooner than expected. Rising vaccination rates and nearly $2.8 trillion in federal spending approved since December has produced a recovery like none in recent memory. Inflation has soared this year, with so-called core prices that exclude volatile food and energy categories up 3.6% in July from a year earlier, using the Feds preferred gauge. The gains largely reflect disrupted supply chains, shortages and a rebound in travel associated with the reopening of the economy.