Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household spending is increasing gradually, but remains constrained by high unemployment .... read the rest of it here.
My version - the Fed will buy $600 bln of Treasuries over the next 8 months. The total monthly purchase will be $110 bln of which $75 bln will come from today's announcement and $35 bln per month from the rolling over of maturing mortgage securities, which was previously announced.
My take- keep in mind that QE 1.0 was $1.7 trillion and it apparently wasn't big enough to do the job the first time around so I would expect that the Fed will need to make another announcement 8 months from now, if not sooner.
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