Based on interviews and public comments of officials, the Federal Reserve is on course to announcing the second cut of its bond-buying program despite a disappointing jobs report in December, The Wall Street Journal reported. The poor employment report last month has not brought down the expectations of the Federal Reserve that the US will still post a solid economic growth in 2014, the report said.

The WSJ said an announcement of the tapering from the current $75 billion each month to $65 billion could be made on January 28-29 when the Fed holds its next meeting. This will be the final meeting that Chairman Ben Bernanke will attend before his term ends.

In a bid to bring down long-term interest rates and encourage spending, hiring and investment, the Federal Reserve has been purchasing Treasuries and mortgage bonds. In 2013, the central bank bought bonds amounting to $85 billion each month. In a news conference held last month, Bernanke indicated that officials would most likely proceed with trimming down its bond buys in increments of $10 billion in its next meetings for as long as the US economy continues to gain strength, the report said.

San Francisco Fed President John Williams told The WSJ in an interview held early this month, "We're likely to continue on a path of gradual, measured reductions in the pace of purchases, assuming the economy tracks as we expect it to."

Bond purchases and low interest rates are the two approaches used by the Federal Reserve to bolster the economy. The report said officials of the central bank are again discussing on the best method of making their plans known when they will start increasing short-term interest rates in the future.

Last month, the Fed said they would continue to peg the interest rates close to zero "well past" the time when the jobless rate declines to 6.5%, the WSJ reported.