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Federal Reserve: Dial N for November
As universally expected, the Fed funds target rate range has been left at 0-0.25% with the monthly QE asset purchases kept at a total of $120bn split $80bn Treasury securities and $40bn agency MBS. The press conference and accompanying material show quite a big shift in thinking at the Fed though, particularly on the path of interest rates. Firstly, in terms of the taper the statement acknowledges the ongoing progress regarding its maximum employment and price stability goals. If that progress continues “as broadly expected, the Committee judges that a moderation in the pace of asset purchases may soon be ... (full story)