Rep. Kevin Brady (R-TX), Chairman of the Joint Economic Committee, today praised the decision by the Federal Reserve’s Federal Open Market Committee (FOMC) to taper its large-scale asset purchase program.
“It’s about time. The Fed has finally taken the first step toward restoring a normal monetary policy. The seemingly endless doses of monetary morphine have served Wall Street well, but have done little to help struggling families on Main Streets across America. While this announcement is a positive first step, the Fed still has a long way to go,” Brady observed.
Today, the FOMC statement said, “Beginning in January, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $35 billion per month rather than $40 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $40 billion per month rather than $45 billion per month.”