The Fed's Holding Pattern

WASHINGTON -- With the economy improving but lasting recovery still far from assured, the Federal Reserve has little room to maneuver. Expect few changes of substance in the Federal Open Market Committee's policy statement when its two-day meeting ends Wednesday.

The last two meetings of the FOMC have been blockbusters, as far as Fed meetings go. After its September meeting, the Fed announced it would wind down its $1.45 trillion intervention into the mortgage market, and in August, it announced it would wind down its $300 billion program to purchase government debt.

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