WASHINGTON (AP) — The Federal Reserve is expected Wednesday to further reduce its stimulus for the U.S. economy even though that prospect has unsettled global financial markets.

The Fed announced last month that it would pare its monthly bond purchases from $85 billion to $75 billion. And it said that if the economy kept improving, it would likely further slow its bond buying at future meetings. The Fed’s bond purchases have been intended to keep long-term loan rates low to spur spending and economic growth.