Policy Statement:

"Beginning in June, the Committee will slow the pace of decline ot its securities holdings by reducing the monthly redemption on Treasury securities from $60B to $25B. The Committee will maintain the monthly redemption cap on agency debt and agency mortgage-backed securities at $35B and will reinvest any principal payments in excess of this cap into Treasury securities." Readers will see above that I projected something like this for the press conferecne. I was right about the announcement,not where it came from as I expected it in the press conferecne. The drawdown for Treasury securities is aggressive, implying that the Fed might be worried about carving into actual bank resevres if not apred back at this time. The holding of MBS securitoies at $35B per month was expected.