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Federal Open Market Committee Holds Steady05-26-09 | News

Federal Open Market Committee Holds Steady

The statement reaffirmed previously announced targets for purchases of agency debt and agency mortgage-backed securities ?EUR??,,????'??+ up to $1.45 trillion for 2009 ?EUR??,,????'??+ as well as the commitment to buy up to $300 billion of Treasury securities by autumn.

As expected, the Federal Reserve held monetary policy steady at the April 29 Federal Open Market Committee meeting.

FOMC upgraded its assessment of the economy to some degree, maintained the 0 to 0.25 percent target range for the federal funds rate and committed to that position for an extended period ?EUR??,,????'??+ a strategy intended to put some downward pressure on longer-term interest rates. ?EUR??,,????'??? Courtesy of NAHB