And if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear. 3 Perhaps it is not surprising that news about the future course of the asset purchase program would have a strong effect on markets.
But here is the striking fact: According to the Survey of Primary Dealers conducted by the New York Fed, there was hardly any change over this period in the expectation of the median respondent as to the ultimate size of the program.