[Federal Register Volume 76, Number 234 (Tuesday, December 6, 2011)]
[Notices]
[Page 76162]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-31241]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of 
November 1-2, 2011

    In accordance with Section 271.7(d) 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 November 1-2, 2011.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
at its meeting held on November 1-2, 2011, 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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    ``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 from 0 to \1/4\ percent. The Committee directs the 
Desk to continue the maturity extension program it began in September 
to purchase, by the end of June 2012, Treasury securities with 
remaining maturities of approximately 6 years to 30 years with a total 
face value of $400 billion, and to sell Treasury securities with 
remaining maturities of 3 years or less with a total face value of $400 
billion. The Committee also directs the Desk to maintain its existing 
policies of rolling over maturing Treasury securities into new issues 
and of reinvesting principal payments on all agency debt and agency 
mortgage-backed securities in the System Open Market Account in agency 
mortgage-backed securities in order to maintain the total face value of 
domestic securities at approximately $2.6 trillion. The Committee 
directs the Desk to engage in dollar roll transactions as necessary to 
facilitate settlement of the Federal Reserve's agency MBS 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 28, 2011.
William B. English,
Secretary, Federal Open Market Committee.
[FR Doc. 2011-31241 Filed 12-5-11; 8:45 am]
BILLING CODE 6210-01-P