$600 billion will be printed to purchase Treasuries by Q2 2011. That’s a bit more than the latest expectations.
The full announcement is here.
Stocks are rallying back after driving right before the announcement. And now they’re selling off! The Dow is off 70. And now stocks are up again!
30-year Treasuries are collapsing as the NY Fed explains that very little of the buying will be the long end. Instead most of the buying will be between the 2-10 year range.
The dollar index is sliding now a little stronger..
The bottom line, this is a very subdued reaction, which suggests that the Fed basically came in exactly in line.
There was only one dissenter to the policy. Obviously it was Hoenig.
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