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Economist Chris Low at FTN says significant change in FOMC language was about describing the securities portfolio. "In March, the FOMC said, 'will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information.' Today it said, 'will regularly review the size
and composition of its securities holdings in light of incoming information.' This change may simply reflect the fact that QE2 will essentially be over by the time the Fed meets again on June 22. But it can also be read as the start of a conversation about possible asset sales in the future."
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