Happy Thursday! Nearly the whole Dispatch team—including the out-of-towners—was able to get together in Washington, D.C., yesterday, and it was just delightful.

Quick Hits: Today’s Top Stories

• The Federal Reserve announced Wednesday its widely anticipated plans to begin scaling back its monthly purchases of U.S. Treasury bonds and mortgage-backed securities in light of the “substantial” progress the economy has made over the past year. Fed officials said they will continue to keep interest rates near zero, and reiterated their belief that—although the timing is uncertain—the economy will eventually adjust to the supply and demand imbalances causing inflation.

• In a statement issued Wednesday morning, Democrat Terry McAuliffe formally conceded the Virginia gubernatorial race to Republican Glenn Youngkin, urging Virginians to join him in “wishing the best to [Youngkin] and his family.”

• Several news desks formally called New Jersey’s gubernatorial race for incumbent Democrat Phil Murphy on Wednesday. Results show Murphy leading Republican Jack Ciattarelli by 1.2 percentage points, with about 10 percent of the vote—from primarily Democratic areas—still outstanding. Ciattarelli has yet to concede the race.