Federal Reserve Boosts Effort To Lift Economy
Kjøpmannsgata fra Dronningens gate mot Norges Bank (1893) by Trondheim Byarkiv
License (according to Flickr): Attribution License
License (according to Flickr): Attribution License
Saying it is concerned that the economy won't be strong enough in coming months to keep adding jobs to the labor market, the Federal Reserve announced this afternoon that is increasing its efforts to give the economy a boost. And in an unusually specific statement from the central bank, its policymakers said they expect to keep a key short-term interest rate at or near zero percent "as long as the unemployment rate remains above 6. 5 percent." In November, the jobless rate was 7. 7 percent. Reuters sums up the steps the Fed said it will take this way: "The central bank replaced a more modest stimulus program due to expire at year-end with a fresh round of Treasury purchases that will increase its balance sheet.
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Federal Reserve central bank economy unusually specific statement modest stimulus program Fed Chairman Ben percent purchases rate unemployment rate short-term interest rate Treasury purchases monthly purchases jobless rate labor market asset purchases mortgage-backed bonds Would-be investors balance sheet lower interest rates mortgage bonds lower rates Treasuries musical chairs larger share afternoonPeople:
Ben Bernanke
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FieldTerminology: central bank
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Organization: Fed
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Organization: Federal Reserve
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Organization: Treasury
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Company: Reuters
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Source Webpage: npr.org
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Federal Reserve Boosts Effort To Lift Economy
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The central bank's policymakers also said they expect their policies aimed at stimulating growth will remain in effect until the jobless rate drops to 6.5 percent, from the current 7.7 percent.
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