[Federal Register Volume 79, Number 84 (Thursday, May 1, 2014)]
[Notices]
[Page 24728]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-09905]


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

FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of March 
18-19, 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 March 18-19, 2014.\1\
---------------------------------------------------------------------------

    \1\ Copies of the Minutes of the Federal Open Market Committee 
at its meeting held on March 18-19, 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.
---------------------------------------------------------------------------

    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. Beginning in April, the Desk is directed to purchase 
longer-term Treasury securities at a pace of about $30 billion per 
month and to purchase agency mortgage-backed securities at a pace of 
about $25 billion per month. 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 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 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 10, 2014.
William B. English,
Secretary, Federal Open Market Committee.
[FR Doc. 2014-09905 Filed 4-30-14; 8:45 am]
BILLING CODE 6210-01-P