5  See Andreas Lehnert, Wayne Passmore, and Shane Sherlund (2005), "GSEs, Mortgage Rates, and Secondary Market Activities," Board of Governors of the Federal Reserve, Finance and Economic Discussion Series 2005-7, January. 6  Press reports indicate that during a recent open conference call, Freddie Mac said it is poised to start growing its portfolio again.
Well, I hope by now I've convinced you that the FOMC's announcements--though sometimes criticized as terse or inscrutable--are in fact the embodiment of nearly every major change in the U.S. monetary policy framework in the last twenty-five years. Not bad for a one-page document.