By Ann Saphir and Jonathan Spicer

(Reuters) – The beginning of the end of the Federal Reserve’s massive bond-buying program might come sooner than many investors think if recent gains in the U.S. labour market do not prove fleeting.

Much will depend on how economic data, which has given mixed signals for growth prospects, develops over the next few months. Reports on job growth in particular will go a long way in helping Fed officials determine whether the time is right to trim the pace of their $85 billion in monthly purchases.

By Ann Saphir and Jonathan Spicer

(Reuters) – The beginning of the end of the Federal Reserve’s massive bond-buying program might come sooner than many investors think if recent gains in the U.S. labor market do not prove fleeting.

Much will depend on how economic data, which has given mixed signals for growth prospects, develops over the next few months. Reports on job growth in particular will go a long way in helping Fed officials determine whether the time is right to trim the pace of their $85 billion in monthly purchases.

May 14 (Reuters) – Top U.S. money managers raised concerns
at an informal discussion with New York Federal Reserve
President William Dudley last month about the large inflow of
dollars from mom-and-pop investors into fixed-income funds the
past few years.

Recently released minutes from the April 12 meeting of the
Investor Advisory Committee on Financial Markets, which includes
hedge fund manager David Tepper of Appaloosa Management LP and
Rick Rieder of BlackRock Inc, reveal money managers expressed
concern about how a policy change could send longer-term rates
higher and hurt retail investors in bond funds.

May 14 (Reuters) – Top U.S. money managers raised concerns
at an informal discussion with New York Federal Reserve
President William Dudley last month about the large inflow of
dollars from mom-and-pop investors into fixed-income funds the
past few years.

Recently released minutes from the April 12 meeting of the
Investor Advisory Committee on Financial Markets, which includes
hedge fund manager David Tepper of Appaloosa Management LP and
Rick Rieder of BlackRock Inc, reveal money managers expressed
concern about how a policy change could send longer-term rates
higher and hurt retail investors in bond funds.