So, the latest FOMC policy announcement is here. A new mortgage-backed securities buying spree of $40B per month — but it seems to be open ended, so before you do the math, its either $480 billion over the next 12 months, or its appreciably higher.

Get some refi papers and take advantage of our new low low rates.

Also as part of the announcement as expected) the period of accommodation is extended to 2015. So on second thought, there is little need to hurry those refi papers after all.

As we continue reading, its noteworthy that this $40 large is on top of the existing twist operations of $45 billion per month til the end of the year. That’s $85 billion per month in September, October, November and December.

Those of you who insisted that September was too close to the election for more Fed action, here is somehumble pie for you.

I want to see clarification as to whether this is truly open-ended (it appears to be). That is potentially a significant upgrade to liquidity, a bold spark for equities, Gold and commodities.

The fundamentals are not particularly appealing to me as an asset manager. The economy, as the Fed acknowledged   appears to be weakening. That seems to be continually trumped by Fed action.

This post was originally published at The Big Picture and is reproduced here with permission.