Federal Open Market Committee minutes released Wednesday suggest the Federal Reserve is still on track to complete its mortgage securities purchases by the end of the first quarter while keeping the target for the short-term federal funds rate exceptionally low for an extended period. The minutes noted the housing sector has shown moderate improvement in recent months and household spending has been expanding at a moderate rate. But lower housing wealth and tight credit continue to constrain that spending, according to the Fed. The Fed's purchases have helped keep long-term rates extraordinarily low this year.
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