Fed minutes telling us what we know: minus 0.1% GDP
The statement from the FOMC's January policy meeting is out.
The Fed says global market strains eased, but growth in economic activity paused due to weather and other transitory factors in recent months.
Here is the passage addressing quantitative easing:
If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until such improvement is achieved in a context of price stability. In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.