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).Read the rest here.
"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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