FOMC pledges to maintain scale of asset purchases

fomc

The Federal Open Market Committee (FOMC) on Tuesday said it would reinvest payments on its holdings of agency debt and agency mortgage-backed securities into longer-term Treasury securities, and continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.

The Fed now holds $1.277 trillion worth of federal agency securities and agency mortgage-backed securities, which accounts for 54% of the Fed's balance sheet.

Nine of the ten-member committee backed the move, with