[Federal Register Volume 77, Number 73 (Monday, April 16, 2012)]
[Notices]
[Page 22577]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-8918]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of March 
13, 2012

    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 March 13, 2012.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
at its meeting held on March 13, 2012, which includes the domestic 
policy directive issued at the meeting, are available on the Board's 
Web site, www.federalreserve.gov. The minutes are also 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, April 9, 2012.
William B. English,
Secretary, Federal Open Market Committee.
[FR Doc. 2012-8918 Filed 4-13-12; 8:45 am]
BILLING CODE 6210-01-P