On March 16, we launched a program to purchase Treasury securities and agency mortgagebacked securities in whatever amounts needed to support smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions.
To date, these purchases have totaled more than $ trillion, and, as we indicated following our April FOMC meeting, they are continuing but at a reduced pace, reflecting the substantial improvement in market functioning that has occurred since the program was launched two months ago.