Federal Reserve announces big stimulus measure
By The Week Staff | September 13, 2012
Fed chairman Ben Bernanke
(Corbis/EPA/Matthew Cavanaugh)
O
n Thursday, the Federal Reserve announced a new round of monetary policy stimulus measures, saying it would begin juicing the economy by buying $40 billion worth of mortgage-backed assets per month. Additionally, in what constituted a huge surprise for analysts, the central bank said the latest round of stimulus spending would be open-ended — a seemingly unprecedented move that signified the Fed's commitment to buying assets until the economy shows signs of real improvement. The Fed also pledged to keep its benchmark interest rate target low into 2015, up from its previous deadline of 2014.
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