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Current target range for the federal funds rate remains appropriate. The Committee Also updated the federal funds rate indicating that the Committee Judges are beginning to normalize the stance of the Monetary Policy. This new language does not represent a change in the policy intentions and it is fully consistent with our previous guidance which stated that it will likely be appropriate to maintain the current target reach for the federal funds rate for a considerable time after for the purchase program. But with that program having ended in october and the economy continuing to make progress towards our objectives the committee judged that some modifications are appropriate at this time. I will have more to say about the policy decisions in a moment but first let me review recent economic developments in the outlook ....