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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: March 8, 2013 To: Federal Open Market Committee From: Deborah J. Danker Subject: Background Memo for Discussion of Asset Purchases – Efficacy of Asset Purchases The attached memo, “Evaluating the Efficacy of the Federal Reserve’s Large-Scale Asset Purchases,” is the only one that will be provided in connection with the first item on the bulleted list below. As a reminder, the background memos for the review of asset purchases that is planned for the March FOMC meeting will cover: the efficacy of asset purchases, the effects of purchases on market functioning, the risks associated with “reaching for yield” and a possible jump in long-term interest rates, and the fiscal implications of purchases. Page 1 of 1
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