NEW YORK ( TheStreet) -- Federal Reserve officials noted in the latest policy meeting minutes released Wednesday that additional asset purchases likely would be necessary into 2013.
The announcement reinforced the Fed's commitment to the open-ended, mortgage-backed security purchasing program it implemented in September as an attempt to stimulate sustained economic growth and labor market improvements.
"Looking ahead, a number of participants indicated that additional asset purchases would likely be appropriate next year after the conclusion of the maturity extension program in order to achieve a substantial improvement in the labor market," the Federal Open Market Committee minutes said.
Fed officials said real gross domestic product growth wouldn't exceed increases in potential output in 2013. The minutes also projected that economic activity through 2014 would accelerate gradually on the support of increased business and consumer confidence, credit availability, more monetary stimulus and less fiscal policy restraint.Read the entire FOMC report released Wednesday by the Fed. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux