[Federal Register Volume 74, Number 16 (Tuesday, January 27, 2009)]
[Notices]
[Page 4747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-1603]


-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of 
December 15 and 16, 2008

    In accordance with Sec.  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 December 15 and 16, 2008.\1\
---------------------------------------------------------------------------

    \1\[thinsp]Copies of the Minutes of the Federal Open Market 
Committee at its meeting held on December 15 and 16, 2008, 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, D.C. 20551. The minutes are published in 
the Federal Reserve Bulletin and in the Board's annual report.
---------------------------------------------------------------------------

    The Federal Open Market Committee seeks monetary and financial 
conditions that will foster price stability and promote sustainable 
growth in output. To further its long-run objectives, the Committee 
seeks conditions in reserve markets consistent with federal funds 
trading in a range of 0 to \1/4\ percent. The Committee directs the 
Desk to purchase GSE debt and agency-guaranteed MBS during the 
intermeeting period with the aim of providing support to the mortgage 
and housing markets. The timing and pace of these purchases should 
depend on conditions in the markets for such securities and on a 
broader assessment of conditions in primary mortgage markets and the 
housing sector. By the end of the second quarter of next year, the Desk 
is expected to purchase up to $100 billion in housing-related GSE debt 
and up to $500 billion in agency-guaranteed MBS. 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, January 14, 2009.
Brian F. Madigan,
Secretary, Federal Open Market Committee.
[FR Doc. E9-1603 Filed 1-26-09; 8:45 am]
BILLING CODE 6210-01-S