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Beginning in January, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $35 billion per month rather than $40 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $40 billion per month rather than $45 billion per month
This was my take this morning in the EPJ Daily Alert before the announcement:
The big Fed announcement will be out today at 2:00 PM ET with regard to the so-called tapering. It is unclear if the Fed will launch its taper at this meeting, but if it does it will likely be no more than $15 billion. Further, money supply growth is not now coming as a result of QE3, but rather from internal dynamics of the Fed money creation system. Thus, even with tapering, it does not appear that the money growth will slow[...]Maintain bullish position on US stock market.