In light of these events, we have learned that the ample reserves framework has worked smoothly with a level of reserves at least as large as we saw during summer and into early September. Although temporary open market operations are doing the trick for the time being, anticipated increases in non-reserve liabilities would cause reserves to decline in coming months without further actions. Based on these considerations, last Friday the FOMC announced that the Fed will be purchasing U.S. Treasury bills at least into the second quarter of next year.7 Specifically, the Desk announced an initial monthly pace of purchases of $ billion. These permanent purchases will, over time, bring the underlying level of reserves—by which I mean absent temporary open market operations—to a level consistent with the ample reserves framework on a sustained basis. In concert with these purchases, the FOMC announced that the Desk will continue temporary overnight and term open market operations at least through January of next year.8 This combination of permanent Treasury bill purchases and ongoing temporary open market operations is designed to provide  effective control of the federal funds rate over the next several months. I should emphasize that all of these actions are aimed at the implementation of monetary policy and do not in any way represent a change in the stance of monetary policy. The goal is to make sure that the federal funds rate stays within the target range set by the FOMC.
33 See Carney (2020) The Road to Glasgow, speech given 27 February 2020 at the launch of the COP26 Private  Finance Agenda. 31  All speeches are available online at www.bankofengland.co.uk/news/speeches  31  The stress test will reveal the financial firms – and by extension the companies – that are preparing for the transition, and it will expose those that are not. On returns, our citizens need to be able to see whether their investments are consistent with the path to net zero. And all companies that are transitioning to net zero should be encouraged. Asset owners and managers will increasing need to disclose whether their clients’ money is being invested in line with their values. Thus far, approaches to doing so have been inadequate. Carbon footprints are not forward-looking. Moreover, a whole economy transition isn’t about funding only deep green activities or blacklisting dark brown ones. We need fifty shades of green to catalyse and support all companies towards net zero and be able to assess collectively whether we’re “Paris aligned”. Given that net zero is both an imperative of climate physics and a commitment by 120 countries; companies, banks, insurers, pension funds and investors will increasingly be expected to develop and disclose their transition plans.