HousingWire – Christina Mlynski
The Federal Open Market Committee announced plans to stay the course on the Fed’s agency mortgage-backed securities purchase program. The FOMC stuck to its current pace of MBS acquisitions — $40 billion per month — and also recommitted to acquiring longer-term Treasury securities at a pace of $45 billion a month. "The committee expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline toward levels the committee judges consistent with its dual mandate," the committee members said after concluded the latest FOMC meeting. They added, "The committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall." The vote to stay the course was 11-to-1 with Ester George, president of the Federal Reserve Bank of Kansas City, the sole dissenter.