The Fed on Aug. 12 said "economic activity is leveling out."

The Fed on Sept. 23 said "economic activity has picked up following its severe downturn."

The Fed on Wednesday said "economic activity has continued to pick up."

The Fed on Aug. 12 said conditions in financial markets "have improved further in recent weeks."

The Fed on Sept. 23 said conditions "have improved further, and activity in the housing sector has increased."

The Fed on Wednesday said conditions "were roughly unchanged, on balance, over the intermeeting period ... (and) activity in the housing sector has increased over recent months."

The Fed on Aug. 12 said businesses "are making progress."

The Fed on Sept. 23 said businesses "are still cutting back on fixed investment and staffing, though at a slower pace; they continue to make progress in bringing inventory stocks into better alignment with sales."

The Fed on Wednesday repeated its Sept. 23rd language.

The Fed on Aug. 12 said it will buy up to $1.25 trillion of mortgage-backed securities and up to $200 billion of debt "by the end of the year," from Fannie Mae, Freddie Mac and Ginnie Mae, which finance most new home loans. The purchases are intended to back mortgage lending and housing and credit markets.

The Fed on Sept. 23 said it "will gradually slow the pace of these purchases in order to promote a smooth transition in markets and anticipates that they will be executed by the end of the first quarter of 2010."

The Fed on Wednesday reiterated that the purchases will be complete by the end of the first quarter. But it said it will buy "about $175 billion of agency debt ... (which) is consistent with the recent path of purchases and reflects the limited availability of agency debt."
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