FOMC is an acronym for Federal Open Market Committee
The members are:
These fine folk set US monetary policy and in particular their 45 billion dollars monthly in treasuries and 40 million dollars monthly in mortgage backed securities purchases.
In banking terms this is known as Quantitative Easing or to give it a more common term
Here is today's bombshell
Traders could not quite believe their luck
Mo free money, we like the sound of that!
So to me it's like you are the parent of a tearaway, uncontrollable child. In the last month or two he/she has declared that their habit of spending about 85 billion dollars [per month] on
Then bold as brass they turn up today, as arranged and disappoint you. They will keep handing out that money.
A reminder of how much it is. It is 250 US Dollars per man/ woman/ child per MONTH, every month.