The FOMC statement released on Wednesday announced that the Federal Reserve will continue its program of Operation Twist to support the economy. 

Operation Twist will swap $400 billion worth of short-term Treasuries for long-term Treasuries, which lowers the long-term interest rate and presumably boost the economy.

The Fed also maintained its promise to keep interest rates at near-zero until at least mid-2013.

The FOMC statement revealed largely the same view from the September statement.

It stated that the economy is still subpar, particular the labor market.  The Fed still sees “significant” downside risks to the economy, particular “strains in the global financial markets,” a reference to the European debt crisis.

The statement noted that inflation is tame and the Fed expects it to stay low in the coming quarters.

These views – that inflation is low but growth is at risk – are decidedly dovish.   Moreover, several Fed officials recently stated their belief that QE3 is a top option.

Boockvar, equity strategist with Miller Tabak, also noted that three FOMC officials who voted against additional monetary stimulus in the September meeting voted for them in the November meeting.

QE3 “a matter of [when], not if, with this Fed,” said Boockvar.