Federal Reserve Launches Aggressive Money Printing

Ben Bernanke brought the monetary bazooka Thursday when the Federal Reserve's policy-making committee announced it was taking action to further dampen interest rates with its third round of quantitative easing. This time, the QE will take the form of purchasing $40 billion in mortgage-backed securities a month until the labor market improves (i.e. indefinitiely).

"If the outlook for the labor market does not improve substantially, the committee will continue its purchase of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability," the FOMC statement said.

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