For example, we recently announced plans to purchase up to $ billion of the debt of governmentsponsored enterprises (GSEs), including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, and up to $ billion in agency-guaranteed mortgage-backed securities (MBS) by midyear. The objective of these purchases is to lower mortgage rates, thereby supporting housing activity and the broader economy.
The Federal Reserve is engaged in an ongoing assessment of the effectiveness of its creditrelated tools. Measuring the impact of our programs is complicated by the fact that multiple factors affect market conditions. Nevertheless, we have been encouraged by the responses to these programs, including the reports and evaluations offered by market participants and analysts.