Fed Undertakes QE3 With $40 Billion Monthly MBS Purchases

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Fed Undertakes QE3 With $40 Billion Monthly MBS Purchases

Fed Undertakes QE3 With $40 Billion Monthly MBS Purchases

Courtesy of you…since taxpayers are paying.

Bloomberg-

The Federal Reserve said it will expand its holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month in a third round of quantitative easing as it seeks to boost growth and reduce unemployment.

“We’re looking for ongoing, sustained improvement in the labor market,” Chairman Ben S. Bernanke said in his press conference today in Washington following the conclusion of a two-day meeting of the Federal Open Market Committee. “There’s not a specific number we have in mind. What we’ve seen in the last six months isn’t it.”

Stocks jumped, sending benchmark indexes to the highest levels since 2007, as the Fed said it will continue buying assets, undertake additional purchases and employ other policy tools as appropriate “if the outlook for the labor market does not improve substantially.”

Bernanke is enlarging his supply of unconventional tools to attack unemployment stuck above 8 percent since February 2009, a situation he called a “grave concern.” The decision immediately provoked a renewed backlash from Republicans, including Senator Bob Corker of Tennessee, who said Bernanke’s policies damage the Fed’s credibility while doing little to spur the economy.

[BLOOMBERG]

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One Response to “Fed Undertakes QE3 With $40 Billion Monthly MBS Purchases”

  1. Sarah says:

    Unemployment what? This is a another hand out to the wealthy. 3 years of 8%+ unemployment is just the way it is, and perhaps will be.

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