News Summary: Low expectations for major Fed moves

AP News
Posted: Oct 23, 2012 7:00 PM

FED FEST: Federal Reserve officials began a two-day meeting on Tuesday, but expectations are low that they will have any major announcements.

LAST TIME: At the September meeting the Fed announced a major support effort for the economy, including an open-ended round of $40 billion a month in mortgage bond purchases aimed at pushing mortgage rates lower.

NEXT TIME: Economists believe that the Fed wants to wait longer to see how that program is working. Many expect further announcements at the central bank's Dec. 11-12 meeting, possibly for new purchases of Treasury bonds to push longer-term rates lower.