Federal Register: October 22, 2009 (Volume 74, Number 203)
DOCID: fr22oc09-53 FR Doc E9-25425
FEDERAL RESERVE SYSTEM
Federal Reserve System
NOTICE: NOTICES
DOCID: fr22oc09-53
SUBJECT CATEGORY:
Federal Open Market Committee; Domestic Policy Directive of September 22 and 23, 2009
DOCUMENT SUMMARY:
In accordance with Sec. 271.25 of its rules regarding availability
of information (12 CFR part 271), there is set forth below the domestic policy
[[Page 54566]]
directive issued by the Federal Open Market Committee at its meeting held on September 22 and 23, 2009.\1\
\1\[thinsp]Copies of the Minutes of the Federal Open Market
Committee at its meeting held on September 22 and 23, 2009, which
includes the domestic policy directive issued at the meeting, are
available upon request to the Board of Governors of the Federal
Reserve System, Washington, D.C. 20551. The minutes are published in
the Federal Reserve Bulletin and in the Board's annual report.
The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its longrun objectives, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range from 0 to \1/4\ percent. The Committee directs the Desk to purchase agency debt, agency MBS, and longerterm Treasury securities during the intermeeting period with the aim of providing support to private credit markets and economic activity. The timing and pace of these purchases should depend on conditions in the markets for such securities and on a broader assessment of private credit market conditions. The Desk is expected to complete purchases of about $300 billion of longerterm Treasury securities by the end of October. It is also expected to execute purchases of up to $200 billion in housing related agency debt and about $1.25 trillion of agency MBS by the end of the first quarter of 2010. The Desk is expected to gradually slow the pace of these purchases as they near completion. The Committee anticipates that outright purchases of securities will cause the size of the Federal Reserve's balance sheet to expand significantly in coming months. The System Open Market Account Manager and the Secretary will keep the Committee informed of ongoing developments regarding the System's balance sheet that could affect the attainment over time of the Committee's objectives of maximum employment and price stability.
By order of the Federal Open Market Committee, October 15, 2009. Brian F. Madigan,
Secretary, Federal Open Market Committee.
[FR Doc. E925425 Filed 102109; 8:45 am]
BILLING CODE 621001S
SUMMARY:
Federal Open Market Committee; Domestic Policy Directive (of September 22 and 23, 2009)
DOCUMENT BODY 2:
In accordance with Sec. 271.25 of its rules regarding availability
of information (12 CFR part 271), there is set forth below the domestic policy
[[Page 54566]]
directive issued by the Federal Open Market Committee at its meeting held on September 22 and 23, 2009.\1\
\1\[thinsp]Copies of the Minutes of the Federal Open Market
Committee at its meeting held on September 22 and 23, 2009, which
includes the domestic policy directive issued at the meeting, are
available upon request to the Board of Governors of the Federal
Reserve System, Washington, D.C. 20551. The minutes are published in
the Federal Reserve Bulletin and in the Board's annual report.
The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its longrun objectives, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range from 0 to \1/4\ percent. The Committee directs the Desk to purchase agency debt, agency MBS, and longerterm Treasury securities during the intermeeting period with the aim of providing support to private credit markets and economic activity. The timing and pace of these purchases should depend on conditions in the markets for such securities and on a broader assessment of private credit market conditions. The Desk is expected to complete purchases of about $300 billion of longerterm Treasury securities by the end of October. It is also expected to execute purchases of up to $200 billion in housing related agency debt and about $1.25 trillion of agency MBS by the end of the first quarter of 2010. The Desk is expected to gradually slow the pace of these purchases as they near completion. The Committee anticipates that outright purchases of securities will cause the size of the Federal Reserve's balance sheet to expand significantly in coming months. The System Open Market Account Manager and the Secretary will keep the Committee informed of ongoing developments regarding the System's balance sheet that could affect the attainment over time of the Committee's objectives of maximum employment and price stability.
By order of the Federal Open Market Committee, October 15, 2009. Brian F. Madigan,
Secretary, Federal Open Market Committee.
[FR Doc. E925425 Filed 102109; 8:45 am]
BILLING CODE 621001S