Daily News: October 24, 2012

Fed Notes Moderate Economic Growth, Takes No New Action

In a news release, the FOMC said that since it last met in September economic activity has continued to expand at a moderate pace. The FOMC said it will maintain its current stimulus measures and take no new action at this time.

The Committee said it will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The Committee also will continue through the end of the year its program to extend the average maturity of its holdings of Treasury securities, and it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities.

In addition, the Committee authorized keeping the target range for the federal funds rate at 0 to 0.25%.

To read the FOMC news release, click here.