Despite the new wording in the Federal Reserve’s statement from its Nov. 2-3 meeting, and chair Jerome Powell’s announcement of a $15 billion/month “taper” in securities purchases by the Fed, the New York Federal Reserve Bank’s report for the week ended Nov. 12 shows another $36 billion increase in securities holdings – that’s a monthly rate, not below $120 billion, but above $150 billion. The Fed’s asset book is now over $8.7 trillion.