Wednesday, March 18, 2009

Fed Statements on Rates, Details of Treasury Purchases

From the Wall Street Journal's Real Time Economics blog:

The following is the full statement of the Federal Open Market Committee:...

Here's the bit that interested me:

...To provide greater support to mortgage lending and housing markets, the Committee decided today to increase the size of the Federal Reserve’s balance sheet further by purchasing up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion. Moreover, to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months....

This will result in the theft of a generation's savings. I should probably buy some copper.
And lead.