It was thought the Fed might purchase long maturity mortgage bonds instead of Treasuries. But it chose a less aggressive strategy, stating that it stood ready to take more aggressive measures if they are needed. More aggressive action would likely be QE3.
 
The Fed will announce revised forecasts later today that are expected to reflect slower growth through the balance of the year.
 
The June meeting had two new participants, Fed governors Jeremy Stein and Jerome Powell. Fed governors as well as the president of the New York Fed vote at each meeting. The other 11 presidents of Federal Reserve banks vote on a rotating basis.

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