Federal Reserve: Wait and See Strategy

The Federal Open Market Committee, concerned about continued weakness in the pace of economic recovery, noted at the end of its meeting today that it “will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.”

September 22, 2010

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At the conclusion of today’s meeting of the Federal Open Market Committee (FOMC), the Committee, concerned about continued weakness in the pace of economic recovery, noted that it “will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate”.

While the Committee took no direct action at today’s meeting, it clearly telegraphed its willingness to continue quantitative easing by restarting large purchases of U. S. Treasury Bonds.

Today’s meeting of the FOMC is the Committee’s last regularly scheduled meeting prior to the November elections.

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Stephen Blank

Stephen R. Blank joined ULI in December 1998 as Senior Fellow, Finance. His primary responsibilities include: expanding ULI’s real estate capital markets information and education programs; authoring real estate capital market commentary; participating as a principal researcher and adviser for the Emerging Trends in Real Estate series of publications; organizing and participating in real estate capital markets programs at ULI events worldwide; and participating in industry meetings, seminars, and conferences. Prior to joining ULI, Blank served from December 1993 to November 1998 as Managing Director, Real Estate Investment Banking of Oppenheimer & Co., Inc. His responsibilities included: structuring, underwriting, and executing corporate financings including initial public offerings of common and preferred shares, unsecured debentures, and convertible bonds; property acquisitions, dispositions, and financing; and financial advisory services including mergers and acquisitions, corporate restructurings, and recapitalizations.