The FOMC is due to meet today amid calls for the Fed to take action over slowing growth, especially after yesterday's stock plunge. However, with interest rates at zero to 0.25% for nearly three years and $2.3T of bond buying not spurring growth, there doesn't appear to be a huge amount the Fed can do. One option would be to replace shorter-term securities with longer maturities to reduce rates on longer-term debt. And if the Fed is considering QE3, it's not expected to announce it today.
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