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Fed note: $85B QE program continue;drops time stamp adopts 6.5% un rate target to guide tightening
DE assessment: The Fed did what the markets expected regarding QE-with a monthly program of $40B in mortgage purchases and continuing the $45 in Treasury purchases which was to expire this month. The surprise to some analysts was replacing the mid-2015 “low for long” time stamp with unemployment and inflation rate guidance. We had thought this policy switch might happen in early 2013.