A Federal Reserve official on Friday gave the clearest signal yet that the central bank’s bond purchase program may be scaled back in September. In a speech to the Council on Foreign Relations, Federal Reserve Gov. Jeremy Stein used only September as the hypothetical start date for slowing the pace of purchases. Thomas Simons, a government-debt economist in New York at Jefferies, said Stern’s remarks indicate “he is eyeing September for making a decision about changing the pace of purchases.” As a Fed governor, Stein has a vote in every meeting. Stocks were lower in early trading on Friday. The S&P 500 index SPX ... (full story)