- No rate change.

- rates to stay low for extended period

- Inflation to remain subdued for some time

- timing and amount of tsy and MBS purchases not affected

- pace of contraction slowing

- energy and commodity prices have risen, but resource slack to dampen cost pressures

- will employ all available tools to promote price stability

- Businesses making progress in bringing inventories in line with sales, but are cutting investment

- generally improved financial market conditions

- economy to remain weak for "a time" but policy will contribute to gradual recovery

- MONITORING SIZE and COMPOSITION of balance sheet WILL MAKE ADJUSTMENTS AS NECESSARY

- same as above for securities THIS MEANS MBS AND TSY'S.  THIS IS THE MOST DAMAGING ITEM!

- unanimous vote

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- lots of volatility.  more to follow