[Federal Register Volume 80, Number 14 (Thursday, January 22, 2015)]
[Notices]
[Page 3236]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-01008]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of 
December 16-17, 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 December 16-17, 2014.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
at its meeting held on December 16-17, 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. 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 
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 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 9, 2015.
William B. English,
Secretary, Federal Open Market Committee.
[FR Doc. 2015-01008 Filed 1-21-15; 8:45 am]
BILLING CODE 6210-01-P