A Federal Reserve survey indicates that the Fed expects to purchase approximately $220 billion in Treasury bonds over the next 12 months.

A Federal Reserve survey respondents expect the central bank's purchases to manage reserves to exceed $200 billion over the next 12 months. Fed policymakers decided to begin purchasing Treasury bills (T-bills) after determining that reserves in the financial system had fallen to "adequate" levels (a signal of rising short-term funding costs). The Fed stated it will initially purchase approximately $40 billion in Treasury bills per month, gradually reducing the amount. So far this month, it has purchased approximately $38 billion.