Ben Bernanke and the Federal Reserve finally pulled the trigger on “QE3” – a new round of asset purchases to prop up the US economy – in one of the most consequential monetary policy moves since America’s slow recovery from the recession began in 2009.
The decision to proceed – announced on Thursday afternoon in a near-unanimous statement by the Federal Open Market Committee – was a reflection of the growing concern within the US central bank about the tentative nature of the economic outlook.
With unemployment still stuck above 8 per cent, and job creation advancing in anaemic fits and starts, Fed officials felt they had no choice but to press ahead with the most aggressive action possible as they could to jumpstart the economy.
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