The Fed announced further monetary stimulus with $45 billion Treasury purchases per month to on top of $40 billion in agency mortgage-backed securities purchases starting in January. But back to the Fed’s announcement. Richmond Fed President Jeffrey Lacker. dissented for the eighth consecutive meeting, saying he opposed the asset purchase program. Lacker opposed the FOMC’s June decision to extend Operation Twist through the end of the year along with additional asset purchases, saying more bond buying probably won’t quicken economic growth. The Fed’s balance sheet is expected to grow, of course, beyond its current level of almost $3 trillion. According...