Bloomberg by the Numbers: $55 Billion

Photograph by Andrew Harrer/Bloomberg

Janet Yellen, chair of the U.S. Federal Reserve, during a news conference following a Federal Open Market Committee meeting in Washington, D.C. on March 19, 2014.

The Federal Reserve is scaling back its monthly securities purchases to $55 billion from $65 billion.

The Fed’s stimulus program is “not on a pre‐set course and the committee’s decisions about the pace of purchases remain contingent on its outlook for jobs and inflation, as well as its assessment of the likely efficacy and costs of such purchases,” Fed Chair Janet Yellen said yesterday after leading her first meeting of the Federal Open Market Committee.

Yellen, who succeeded Ben Bernanke in February, said yesterday that the Fed would look at a wide range of data in determining whether to raise its benchmark interest rate. The central bank had previously tied such decisions to a 6.5 percent unemployment rate. The jobless rate was 6.7 percent last month.

“The FOMC will base its ongoing settlement on a wide range of information including measures of labor market conditions, indicators of inflation pressures, and inflation expectations and readings on financial developments,” Yellen said.
Read Jeff Kearns’s Bloomberg News story for more on Yellen’s news conference.

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