Policy-markers said they will “gradually” slow their purchases of federal debt to $4 billion per week from the current $5-billion target, but that the emphasis on longer-dated securities would “provide at least as much monetary stimulus as before” because households and businesses tend to borrow over extended periods.Article content continued
Policy-makers decided there was value in removing whatever ambiguity remained around their intentions, betting that by erasing the risk of a surprise spike in borrowing costs down the road, they will be able to induce more executives and households to borrow money to invest and spend. They said concretely in the new policy statement that their current forecasts suggest that they won’t reach their inflation goals “until into 2023,” giving the public something it can put in a calendar.
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