Addendum to the Policy Normalization Principles, Plans: Text

Following is the full text of the addendum to the policy normalization principles and plans statement released today by the Federal Reserve in Washington:

All participants agreed to augment the Committee’s Policy Normalization Principles and Plans by providing the following additional details regarding the approach the FOMC intends to use to reduce the Federal Reserve’s holdings of Treasury and agency securities once normalization of the level of the federal funds rate is well under way.1