EFTA Document EFTA01450609

substantially in a context of price stability. In judging when to moderate the pace of asset purchases, the Committee will, at its coming meetings, assess whether incoming information continues to support the committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective. Asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's economic outlook as well as its assessment of the likely efficacy and costs of such purchases. To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens. In particular, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the committee's 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored. In determining how long to maintain a highly accommodative stance of monetary policy, the committee will also consider other information, including additional measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. when the committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; william C. Dudley, vice Chairman; James Bullard; Charles L. Evans; Jerome H. Powell; Eric S. Rosengren; Jeremy C. Stein; Daniel K. Tarullo; and Janet L. Yellen. voting against the action was Esther L. George, who was concerned that the continued high level of monetary accommodation increased the risks of future economic and financial imbalances and, over time, could cause an increase in long-term inflation expectations. Peter Hooper managing Director chief Economist Deutsche Bank Securities Inc. 60 wall Street New York, NY 10005 Office Tel: (212) 250-7352 office Fax: (212) 797-2040 e-mail: peter.hooper@db.com Assumptions, estimates and opinions expressed constitute the author's judgment as of the date of this communication and are subject to change without notice. Past performance is not necessarily indicative of future results. This communication is based upon information that Deutsche Bank or one of its affiliates (collectively "Deutsche Bank") considers reliable as of the date hereof, but Deutsche Bank does not represent that it is accurate and complete. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. (Embedded image moved to file: pic21898.gif) Tazia Smith Director I Key Client Partners - us Deutsche Bank Securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 26th Floor mew Tel. Fax mobil Email CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 106355 CONFIDENTIAL SDNY_GM_00252539 EFTA01450609