Boilerplate

The Committee will maintain the target range for the federal funds
rate at 0 to 1/4 percent and continues to anticipate that economic
conditions, including low rates of resource utilization, subdued
inflation trends, and stable inflation expectations, are likely to
warrant exceptionally low levels of the federal funds rate for an
extended period. To provide support to mortgage lending and housing
markets and to improve overall conditions in private credit markets,
the Federal Reserve has been purchasing $1.25 trillion of agency
mortgage-backed securities and about $175 billion of agency debt;
those purchases are nearing completion, and the remaining transactions
will be executed by the end of this month. The Committee will continue
to monitor the economic outlook and financial developments and will
employ its policy tools as necessary to promote economic recovery and
price stability.