ƒ  Monetary policy was not modified by today’s Federal Open Market Committee (FOMC) meeting. As expected,
the FOMC decided to keep its target range for the Federal funds rate at 0 to 0.25% and did not amend its asset
purchase program.  
ƒ  The FOMC statement insisted on some positive developments, in particular in the labour market and in financial
markets.
ƒ  Once more, the statement indicates that economic conditions are likely to warrant exceptionally low levels of
the federal funds rate for an “extended period”. The Fed funds rate is unlikely to be modified in coming quarters.
ƒ  The FOMC confirmed that most of the Federal Reserve’s special liquidity facilities would expire on February