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Fed Announces Quantitative Easing Plans

Bernanke says Fed is on course to end asset buying by mid-2014, but he does not anticipate raising interest rates anytime soon.

By Joshua Zumbrun and Jeff Kearns, Bloomberg | Updated on June 20, 2013

Federal Reserve Chairman Ben S. Bernanke said the central bank may start dialing down its unprecedented bond-buying program this year and end it entirely in mid-2014 if the economy finally achieves the sustainable growth the Fed has sought since the recession ended in 2009.

The Federal Open Market Committee (FOMC) today left the monthly pace of bond purchases unchanged at $85 billion, while saying that “downside risks to the outlook for the economy and the labor market” have diminished. Policy makers raised their growth forecasts for next year to a range of 3 percent to 3.5 percent and reduced their outlook for unemployment to as low as 6.5 percent.Esther George quote

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