NEWS FLASH
Federal Reserve Announces New Steps To Boost Economy | The Federal Reserve’s Open Markets Committee announced today that it will take additional steps to boost the economy — more so-called quantitative easing, or QE3 — totaling $40 billion in asset purchases per month until economic conditions improve. Analysts had expected the Fed to take such a step. Federal Reserve Chairman Ben Bernanke estimated that previous rounds of quantitative easing increased employment by about two millions jobs, but the central bank has still fallen far short of fulfilling its mandate to produce full employment. Richmond Federal Reserve Bank President Jeffrey Lacker dissented from the action.
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