New York Fed Statement on Securities Purchases: Full Text
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The following is a reformatted version of a New York Fed statement regarding purchases of Treasury Securities by the Federal Open Market Committee.
On November 3, 2010, the Federal Open Market Committee (FOMC) decided to expand the Federal Reserve’s holdings of securities in the System Open Market Account (SOMA) to promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate. In particular, the FOMC directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to purchase an additional $600 billion of longer term Treasury securities by the end of the second quarter of 2011.