...ominous, and in full defense mode. Again, this are simply asset swaps, but it is increasingly clear that even the Fed is experiencing difficulty in containing credit and funding pressures, to say nothing of the impending danger in FHLBs and GSEs.
To help support the economic recovery in a context of price stability, the Committee will keep constant the Federal Reserve's holdings of securities at their current level by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities.1 The Committee will continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.
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