The path ahead is a narrow one, and in taking it due consideration must certainly be accorded to the needs of those who are suffering the most as a result of the long crisis and the major changes accompanying the opening of markets and the rapid emergence of new technologies, changes for which most of the necessary structural adjustment is still incomplete.
In addition to improving conditions in mortgage markets, these asset purchases helped lower yields on long-term debt; they also substantially increased the level of reserve balances that depository institutions held with Federal Reserve Banks.