Bernanke: No Specific Target for Bond Purchases |
| ABC News - Sep 13, 2012 |
The Federal Reserve does not have a specific economic target for its new stimulus program, Ben Bernanke said Thursday. He said the Fed will keep buying bonds until it sees more jobs, lower unemployment and stronger growth.
"We are looking for on-going sustained improvement in the labor market," Bernanke said during a news conference after the Fed announced a series of bold stimulus measures to get the economy moving. "There's not a specific number in mind. But what we've seen in the last six months isn't it."
The Fed said it would spend $40 billion a month to buy mortgage bonds for as long as it deems necessary to make home buying more affordable. It also extended a plan to keep short-term interest rates at record lows through mid-2015 — six months longer than previously planned. And the Fed said that it is ready to try other measures if hiring doesn't improve.
The measures were announced after the Fed concluded its two-day policy meeting.
Read Full Article from ABC News
- Posted: 2012-09-13 22:53:58
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