When the Dust is Settled...

After months of speculations, the Fed eventually announced to buy $600B of longer-term Treasury securities by the end of 2Q11, a pace of about $75B/month. The program roughly matches with consensus of $500B in 6 months ($80B/ month). The Fed also moved a bit closer to inflation targeting by mentioning it will employ necessary policy tools to ensure that inflation is 'at levels consistent with its mandate'. Financial markets were volatile after the announcement but, on net, investors viewed the program positively as indicated in gains in stock markets and growth currencies.

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When the Dust is Settled...