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Authorized for public release by the FOMC Secretariat on 01/11/2019 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Division of Monetary Affairs FOMC SECRETARIAT Date: April 22, 2013 To: Federal Open Market Committee From: Deborah J. Danker Subject: Background Memo on Changing the Pace of Asset Purchases The attached memo, “Changing the Pace of Asset Purchases,” is provided as background for the upcoming FOMC meeting. Page 1 of 1