[Federal Reserve Survey: May Purchase $220 Billion in Short-Term Treasury Bonds Over the Next 12 Months] The minutes of the Federal Reserve's December meeting show that survey results estimate the Fed will purchase approximately $220 billion in short-term Treasury bonds over the next 12 months, with respondents showing significant differences in their specific scale estimates. At the December meeting, Federal Reserve policymakers decided to begin purchasing short-term Treasury bonds, considering that the financial system's reserves had fallen to a "moderately ample" level. The Fed plans to purchase about $40 billion in short-term Treasury bonds each month and gradually reduce the purchase amount. So far, it has purchased approximately $38 billion, with two more operations planned for January.

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[Some Federal Reserve Officials Hold a Cautious Attitude Toward Rate Cuts Early Next Year] According to the meeting minutes released on December 31, during this month's Federal Reserve meeting where the decision to cut interest rates was made, some officials expressed reluctance to support further easing of policies in the near term, indicating that rate cuts at the January meeting next year may face resistance. The minutes noted that the longer-than-expected duration of price increases has made the decision to cut rates more challenging. Economic data released after the December meeting showed that strong consumer spending has driven economic growth, despite a slight rise in the unemployment rate. New data to be released next month may influence Federal Reserve officials' views ahead of the late-January rate-setting meeting.

[Federal Reserve Meeting Minutes: Increased Downside Risk to Employment] The Federal Reserve meeting minutes show that members unanimously believe economic activity is expanding at a moderate pace, employment growth has slowed this year, and the unemployment rate has slightly increased as of September, with recent indicators aligning with these trends. Inflation has risen since the beginning of the year and remains at a high level. The committee is closely monitoring risks to its dual mandate, and downside risks to employment have increased in recent months.

[Federal Reserve Meeting Minutes Emphasize Purpose of Treasury Purchases] The Federal Reserve meeting minutes indicate that policymakers emphasized that Treasury purchases are solely intended to ensure interest rate stability and are unrelated to monetary policy.