In an effort to "employ all available tools to promote economic recovery and to preserve price stability," the Federal Reserve announced today that it will continue to expand its balance sheet by committing to purchase up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion, as well as purchase up to $300 billion of longer-term Treasury securities over the next six months. Given that the Fed can't cut rates below zero, the Federal Open Market Committee voted 10-0 to hold the target federal-funds rate for interbank lending in a range between zero and 0.25%, however the above mentioned asset purchases help to achieve the same effect as rate cuts, by buying assets to flood the financial system with additional cash.