[Federal Register Volume 79, Number 231 (Tuesday, December 2, 2014)]
[Notices]
[Page 71421]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-28302]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of 
October 28-29, 2014

    In accordance with Section 271.25 of its rules regarding 
availability of information (12 CFR part 271), there is set forth below 
the domestic policy directive issued by the Federal Open Market 
Committee at its meeting held on October 28-29, 2014.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
at its meeting held on October 28-29, 2014, which includes the 
domestic policy directive issued at the meeting, are available upon 
request to the Board of Governors of the Federal Reserve System, 
Washington, DC 20551. The minutes are published in the Federal 
Reserve Bulletin and in the Board's Annual Report.
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    Consistent with its statutory mandate, the Federal Open Market 
Committee seeks monetary and financial conditions that will foster 
maximum employment and price stability. In particular, the Committee 
seeks conditions in reserve markets consistent with federal funds 
trading in a range from 0 to \1/4\ percent. The Committee directs the 
Desk to undertake open market operations as necessary to maintain such 
conditions. The Desk is directed to conclude the current program of 
purchases of longer-term Treasury securities and agency mortgage-backed 
securities by the end of October. The Committee directs the Desk to 
maintain its policy of rolling over maturing Treasury securities into 
new issues and its policy of reinvesting principal payments on all 
agency debt and agency mortgage-backed securities in agency mortgage-
backed securities. The Committee also directs the Desk to engage in 
dollar roll and coupon swap transactions as necessary to facilitate 
settlement of the Federal Reserve's agency mortgage-backed securities 
transactions. The System Open Market Account manager and the secretary 
will keep the Committee informed of ongoing developments regarding the 
System's balance sheet that could affect the attainment over time of 
the Committee's objectives of maximum employment and price stability.

    By order of the Federal Open Market Committee, November 20, 
2014.
William B. English,
Secretary, Federal Open Market Committee.
[FR Doc. 2014-28302 Filed 12-1-14; 8:45 am]
BILLING CODE 6210-01-P