There are many other mechanisms that the (FOMC) can use to provide liquidity. 
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Selected and fresh photos from around the web.
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Editor's pick
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BASRA, IRAQ - OCTOBER 18: People gather around a Land Rover as it arrives at the village Al Houta on October 18 2008 near Basra, Iraq. The trip by the 51 Sqn Royal Air Force Regiment Force Protection Wing was part of a 'key leader engagement' (KLE) visit to the village close to the Basra Airbase to recruit local labour and engage with the village shiek. Visits of this type are seen as key in efforts to continue winning the support of the local Iraqi population. Although improved security in the region has brought some benefits such as improved trade and commerce, much of the infrastructure remains in a poor state of repair. Britain's Prime Minister Gordon Brown has indicated that the number of UK troops could be scaled down - especially as the security situation in the south of the country continues to improve.
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Democratic presidential nominee Senator Barack Obama (D-IL) speaks during a campaign rally in the rain at the University of Mary Washington in Fredericksburg, Virginia, September 27, 2008.
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A puppy stands on a truck carrying people to be evacuated from the area in preparation for the approach of Hurricane Gustav in Batabano, on the southern coast of Cuba, August 30, 2008. Powerful Hurricane Gustav roared toward western Cuba on Saturday with 125 mph (205 kph) winds on its way to the oil-rich Gulf of Mexico after a deadly pass through the Caribbean.
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BANGKOK, THAILAND - AUGUST 30: A member of Anti-government People's Alliance for Democracy (PAD) stands behind barbed wire outside Government on August 30, 2008, in Bangkok, Thailand. The protesters want to unseat the seven-month old coalition government lead by Prime Minister Samak Sundaravej.
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Hot off the wire
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Supporters of radical cleric Muqtada al-Sadr burn symbolic U.S. flags as they demonstrate against the security pact between Iraq and the U.S., in Baghdad's Shiite stronghold of Sadr City, in Baghdad, Iraq, Friday, Dec. 5, 2008.
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Pakistan's President Asif Ali Zardari (L) meets Turkish Prime Minister Tayyip Erdogan in Istanbul December 5, 2008. Zardari and Afghanistan's President Hamid Karzai met in Istanbul on Friday during a summit organised by Turkish leaders President Gul and Prime Minister Erdogan.
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NEW YORK - DECEMBER 04: Actor Harold Pirraneau attends the 2008 Stockings with Care celebrity bartending night at Bar 13 on December 4, 2008 in New York City.
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Recently starred
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A memorial tribute to shoe mogul Thomas Bata is shown at the Bata Shoe Museum in Toronto September 3, 2008. Bata died earlier this week at the age of 93.
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A visitor takes a close look at a photo by French photographer Bettina Rheims during the inauguration of her exhibition "Can You Find Happiness?" on March 7, 2008 at the c/o-Gallery in Berlin. The exhibition runs from March 8 to May 11, 2008.
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Forty-five euro coins, worth 500 Slovak Crowns or 16,60 euros, are seen in Bratislava where Slovakian banks and post offices started selling them on December 1,2008 before Slovakia joins the euro zone on January 1, 2009.
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People walk behind the European Union's flag during the annual gay parade in Budapest July 5, 2008. Several hundreds of demonstrators clashed with the police in the center of Hungarian capital as police tried to separate them from the participants of the Gay Pride march.
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Quotes about FOMC
The thing that was significant is the reminder that the FOMC can buy long Treasuries
said Jamie Jackson
Whether the FOMC (Federal Open Market Committee) decides to stay on hold at this point or eases further and then stays on hold at some lower level, even zero, may not be the most critical question. The fact is, monetary policy defined as movements in short-term nominal interest rates is coming to an end, at least for now
was said
in CNBC
The minutes of the US Federal Open Market Committee (FOMC) released Wednesday reveal a very negative outlook
in Zee News
Quotes from articles mentioning FOMC
Monetary policy at the moment is roughly where it should be and I think the discussion about declining rates in Europe is premature…If the economic outlook brightens somewhat again towards the end of the year and next year, which I still expect, we'll have to see if action is necessary.
was said
in Daily FX
It is likely the market adjustment process will continue for a considerable period of time and there is significant uncertainty about the impact on the broader economy…Looking ahead, the uncertainty which is surrounding the euro area's financial stability outlook is high and has increased. This assessment reflects a number of developments, some external and some internal within the euro area.
was said
in Daily FX
We are going to see much more dramatic drops in output. The way to get out of it is to act, by interest rate cuts and fiscal stimulus and other things to try help people who are hurt through this…Sitting by doing nothing is not going to get us out of this and hoping that a knight in shining armor will come and lift us out of this is optimistic in the extreme.
was said
in Daily FX
The fears that I have expressed over the last six months have started to come to fruition…I've obviously voted on quite a number of occasions now for small cuts but we need to act and we probably need to act in larger amounts than that. We need to actually get ahead of the game and it appears that we are now behind.
was said
in Daily FX
It should be clear that major nonbank financial institutions that seek discount window assistance will immediately come under Federal Reserve oversight.
was said
in Daily FX
The current stance of policy, while understandably calibrated for responding to the immediate financial crisis, will make it difficult to achieve our mandate for price stability over the longer term.
was said
in Daily FX
For the Federal Reserve, adding a more explicit financial stability mandate to its existing dual mandate for price stability and economic growth raises important and difficult questions about the compatibility of these responsibilities and the problems that might arise in attempting to achieve them all simultaneously.
was said
in Daily FX
