The US Federal Reserve on Tuesday took a first step towards easing monetary policy, as it downgraded its view of the economic outlook amid rising fears that the US could face a “double-dip” recession.
Meeting in Washington, Fed monetary policymakers agreed to begin reinvesting proceeds from expiring mortgage-backed securities in longer-term Treasuries, thereby preventing a natural shrinking of the $2,300bn balance sheet the US central bank built up during the recession.
The move signals a significant shift in thinking at the Fed, which only a few months ago was tilting towards tightening monetary policy in order to fend off inflation as the economic recovery gathered strength.
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