The Federal Open Market Committee (FOMC) ended its monthly meeting today by noting that economic activity has paused in recent months.
It decided to continue its $85 billion worth of bond purchases per month of Treasuries and mortgage-backed securities and forecast that growth would continue at a moderate pace and the job market would continue to improve.
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Policy makers stated again their intention of continuing the bond purchases until they see the desired progress in the unemployment rate.
Eleven out of 12 Fed officials voted to continue making the purchases and to keep interest rates close to zero, as they have been since 2008.
All seven Fed governors vote at every meeting along with the president of the New York Fed.
The presidents of the other 11 regional Fed banks vote on a rotating basis.
December 2012 was the first time the Fed attached a specific target
to be achieved to monetary policy stimulus.