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Federal Reserve officials tomorrow will probably announce a program for monetary easing that will do little to help 14 million unemployed Americans find work. The Federal Open Market Committee will decide to replace short-term Treasuries in its $1.65 trillion portfolio with long- term bonds. Fed will reduce longer-term yields by about 0.1 percentage point by announcing a swap of $300 billion to $400 billion in Treasuries, selling securities with one to three years remaining maturity, and purchasing mostly those with seven to 12-year maturity.
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