The Fed's goal (according to the technical note from the NY Fed) is to "maintain the face value of outright holdings of domestic securities" at approximately $2.054 trillion.
The red line on this graph is the amount of outright holdings on the Fed's balance sheet. The dashed line is the new target level for quantitative neutrality.
The outright holdings were expected to fall by about $200 billion by the end of 2011 (some have estimated as high as $400 billion), and that would represent tightening in the face of high unemployment and below target inflation.
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