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Unformatted text preview: f New York. There are four rotating seats. The FOMC
holds 8 regularly scheduled meetings per year where the committee reviews financial
conditions, monetary policy and assesses the economy.
d) The FOMC characterizes the current state of the economy to be expanding at a
moderate pace. It says that there has been improvement in labor market conditions.
One problem is that unemployment rates remain elevated. The FOMC is hoping for a
stronger economic recovery.
e) Labor market conditions, unemployment rates, price stability, and mortgage-backed
securities were all discussed. The Committee is prepared to increase or reduce the
pace of its purchases to maintain appropriate policy accommodation as the outlook
for the labor market or inflation changes.
f) At the meeting, the FOMC decided to continue purchasing additional agency
mortgage-backed securities at a pace of $40 billion per month and longer-term
Treasury securities at a pace of $45 billion per month.
g) The vote was not unanimous. Esther L. George was concerned that the continued high
level of monetary accommodation increased the risks of future economic and
financial imbalances and, over time, could cause an increase in long-term inflation
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