Another big question is will the Fed choose to hike rates again in 2017?
We expect the FOMC to officially announce ... that balance sheet runoff will begin in October.
Despite Yellen's assurances, experts say the road ahead could be bumpy.
The advanced telegraphing of the move was created to avoid rattling investors, and financial markets have remained calm as the Fed moved closer to another key step in reversing its unprecedented stimulus policies.
Therefore, the Fed can feel confident that its own measures should not send yields flaring up in a disrupting way for bond markets. Ultimately, the Fed must unwind its balance sheet in combination with ending interest on excess reserves in order to put the economy on a more solid monetary foundation.
Though the Fed is pushing into uncharted waters, you shouldn't panic.
Still, it's not a bad idea to keep some of your money in safer investments more insulated from market gyrations.
Linked to the latter in particular, according to the CME's Fed Watch tool as of 2107 BST Fed funds futures were pointing to 71.9% odds of a 25 basis point rate hike in the central bank's main policy rate on 13 December.
By still anticipating another hike this year, the underlying signal from the Fed was somewhat more hawkish than the market expected.
The statement also highlighted that the impact on the economy of Hurricanes Harvey, Irma and Maria are "unlikely" to alter the course of the economy over the medium term.
The central bank expected the Hurricanes Harvey, Irma and Maris to affect United States economy in the near term, but would not alter the course of the economy in the medium term. While US unemployment remains low, weak inflation readings still worry it.
In gradually trimming some of the $2.5 trillion in Treasuries it owns, the New York Fed said it would "allocate that rollover amount across the month's maturity dates in proportion to total maturities" held on each date, the New York Fed said in a separate statement.
"What we need to figure out is whether the factors that have lowered inflation are likely to prove persistent", she said. Markets have by and large priced that it.
If it falls within the rate at the end of the year, this will be the fourth turn of the screw since the election of Donald Trump in November 2016.