Fed extends monetary stimulus program
By The Week Staff | June 20, 2012
Ben Bernanke to the U.S. economy: OK, OK, here's $600 billion more -- satisfied?
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O
n Wednesday, the Federal Reserve announced that it would extend "Operation Twist," a program designed to boost economic activity by lowering interest rates for businesses and consumers. The move comes amidst signs that the recovery from the recession is flagging, and an ongoing debt crisis in Europe that threatens to drag down global growth. Under the extended program, the Fed says it will buy $267 billion worth of long-term Treasury securities over the next six months, which constitutes the fourth time that the central bank has launched a massive asset-purchase plan since 2008.
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