The New York Times
Wed, November 03, 2010 -- 2:18 PM ET
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Fed to Buy $600 Billion in U.S. Debt; Calls Recovery 'Disappointingly Slow'
The Federal Reserve, concerned about the slow recovery,
announced a second, large purchase of Treasury bonds on
Wednesday, an effort to spur economic growth by lowering
long-term interest rates.
The Fed said it would buy an additional $600 billion in
long-term Treasury securities by the end of June 2011,
somewhat more than the $300 billion to $500 billion that many
in the markets had expected.
While the Fed has been signaling for months that it would
take action to bolster the economy, the announcement comes as
the election results heighten the potential for gridlock on
fiscal policy, including tax cuts and spending to encourage
job creation and growth.
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