FOMC pledges to maintain scale of asset purchases


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