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FOMC Votes To Reduce Pace of Asset Purchases to $25 Billion per Month

FOMC Announcement

The Federal Open Market Committee (FOMC) decided Wednesday to reduce the pace of its asset purchases from $15 billion per month to $10 billion per month for agency mortgage-backed securities and from $20 billion per month to $15 billion per month for longer-term Treasury securities, beginning in August. Regarding the federal funds rate, the committee anticipates that it likely will be appropriate to maintain the current target range for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below 2 percent, and provided that longer-term inflation expectations remain well-anchored.

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From the President

July 17, 2014

“Fed Goals and the Policy Stance”

Bullard

St. Louis Fed President James Bullard discussed the FOMC's macroeconomic goals and the stance of monetary policy during a Greater Owensboro Chamber of Commerce event. He noted that the macroeconomic goals are close to being met; however, the monetary policy settings are far from normal. While this mismatch is not currently causing macroeconomic problems, President Bullard said it takes a long time to normalize policy and the mismatch may cause problems in the years ahead as the economy continues to expand.

News Release | Presentation (PDF)

July 2014

“Tapering and Other Key Topics in U.S. Monetary Policy”

In The Regional Economist, St. Louis Fed President James Bullard shared his views on tapering, the weak first-quarter GDP, developments in the labor market and inflation, and international monetary policy coordination. President Bullard said one welcome development so far this year has been that the Fed’s tapering process has gone relatively smoothly in terms of market reaction.

Column

Bio | President's Website