With traders curious if the Fed will leave open-ended QE or will formalize asset purchases to a specific monthly amount, the Fed left it somewhat open-ended, with the Fed statement saying "the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning", however in a separate Operating Policy note from the NY Fed, we read that:

the Desk plans to continue to increase SOMA holdings of Treasury securities at the current pace, which is the equivalent of approximately $80 billion per month and:

the Desk plans to continue to increase SOMA holdings of agency MBS at the current pace, which is the equivalent of approximately $40 billion per month

In other words, while not explicit, one can expect the current run-rate of about $4BN per day/$20BN per week in TSY purchases to continue. It also means that, all else equal, the Fed will monetize just under $1 trillion in Treasury per year at the current pace, which however may be less than the market was expecting in light of the massive debt issuance on deck.

Commenting on this, Grant Thornton economist Diane Swonk said that "Acting on mortgage-backed securities and Treasuries underscores their belief that more support is needed....The Fed does not see a victory in the employment bounce-back. The risk of deflation is still high and the economy needs more support to heal more fully."

The NY Fed also said that "Treasury purchases will be conducted on a monthly basis, starting with the period from mid-June to mid-July, and will continue to be conducted across a range of maturities and security types.  The Desk will continue to roll over at auction all principal payments from SOMA holdings of maturing Treasury securities."