[Federal Register Volume 79, Number 140 (Tuesday, July 22, 2014)]
[Notices]
[Pages 42513-42514]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-17123]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of June 
17-18, 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 June 17-18, 2014.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
at its meeting held on June 17-18, 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. Beginning in July, the Desk is directed to purchase longer-
term Treasury securities at a pace of about $20 billion per month and 
to purchase agency mortgage-backed securities at a pace of about $15 
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

[[Page 42514]]

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 
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the Committee's objectives of maximum employment and price stability.


    By order of the Federal Open Market Committee, July 14, 2014.
William B. English,
Secretary, Federal Open Market Committee.
[FR Doc. 2014-17123 Filed 7-21-14; 8:45 am]
BILLING CODE 6210-01-P