The New York Times
Wednesday, September 21, 2011 -- 2:40 PM EDT
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Fed Moves on Long-Term Rates to Spur Growth
The Federal Reserve announced a new plan Wednesday to stimulate growth by purchasing $400 billion in long-term Treasury securities with proceeds from the sale of short-term government debt, defying Republican demands to refrain from new actions.
In extending its campaign of novel efforts to shake the economy from its torpor, the Fed said that it was responding to evidence that there is a clear need for help.
"Growth remains slow. Recent indicators point to continuing weakness in overall labor market conditions and the unemployment rate remains elevated," the Fed said in a statement that listed its reasons for worry about the anemic condition of the American economy.
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