U.S. Federal Reserve Chairman Ben Bernanke says the Fed could begin tapering off its 85 billion dollar monthly bond-purchasing program within this year if the U.S. economy continues to improve.

Bernanke made the remark about easing the unprecedented quantitative easing measures to reporters after the Fed’s policy-setting panel concluded a two-day meeting on Wednesday.

Bernanke said the scaling back would occur in "measured steps" until the first half of next year and could end by the middle of next year.

Following Bernanke’s remarks, the three key indices of the New York Stock Exchange all slipped more than one percent.