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The central bank will also consider further easing its monetary policy centering on boosting the purchases of long-term government bonds as well as moving up the start of "open-ended" easing scheduled to begin in 2014.
monetary easing on July 6, market participants substantially scaled back their expectations for further easing, as reflected in the rise in implied yields on interest rate futures contracts.
Immediately after the meeting, open market operations were directed toward implementing the slight easing in the degree of reserve pressure that had been adopted by the Committee.
In the staff's judgment, the prospects for some easing of pressure on labor and other resources suggested that price inflation likely would moderate from its recently higher level.
The emergence of more favorable indications regarding the performance of the economy and the continued more rapid expansion of money and credit were seen as obviating the need to implement an easing in reserve conditions that had been contemplated as a strong possibility under the directive issued at the October 6 meeting.
At the end of October, however, a slight easing of reserve conditions was implemented; this action was taken in response to signs of a weaker-than-expected economic recovery and flagging consumer and business confidence.
These data, along with reports of anemic growth in monetary aggregates, further intensified expectations that more aggressive easing by the Federal Reserve lay ahead.
In the period immediately after the August 20 meeting, most other market interest rates rose slightly, reflecting in part the absence of an anticipated easing of monetary policy and data indicating that the expansion might be more robust than expected.
Most short-term interest rates declined somewhat more than the federal funds rate over the intermeeting period, apparently reflecting reactions to indications of continued weakness in the economy as well as the easing in reserve conditions.
As the dollar rose, it gathered momentum that neither disappointing economic data nor further easing of U.
The System's policy actions over the course of recent months, including two reductions in the discount rate, represented substantial easing on a cumulative basis and most probably had positioned monetary policy to contribute to a satisfactory recovery in business activity.
At its meeting on December 18, the Committee adopted a directive that called for an initial slight reduction in the degree of pressure on reserve positions and for giving particular weight to potential developments that might requires some further easing later in the intermeeting period.