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In determining the size, pace, and
composition of its asset purchases, the Committee will, as always,
take appropriate account of the likely efficacy and costs of such
purchases.
To support continued progress toward maximum employment and price
stability, the Committee expects that a highly accommodative stance
of monetary policy will remain appropriate for a considerable time
after the economic recovery strengthens. In particular, the
Committee also decided today to keep the target range for the
federal funds rate at 0 to 1/4 percent and currently anticipates
that exceptionally low levels for the federal funds rate are likely
to be warranted at least through mid-2015.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman;
William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart;
Sandra Pianalto; Jerome H. Powell; Sarah Bloom Raskin; Jeremy C. Stein;
Daniel K. Tarullo; John C. Williams; and Janet L. Yellen.
Voting against the action was Jeffrey M. Lacker, who opposed additional
asset purchases and preferred to omit the description of the time period
over which exceptionally low levels for the federal funds rate are likely to
be warranted.
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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