Fed to spend $40B a month on bond purchases to aid economy

Fed to spend $40B a month on bond purchases to aid economy

By MARTIN CRUTSINGER The Associated Press
Published Sep 13, 2012 02:37PM MDT
Washington • The Federal Reserve unleashed a series of bold and open-ended steps Thursday to stimulate the economy by making it cheaper for consumers and businesses to borrow and spend. The Fed said it will spend $40 billion a month to buy mortgage bonds for as long as it deems necessary to make home buying more affordable. It plans to keep short-term interest rates at record lows through mid-2015 — six months longer than previously planned. And it’s ready to take other unconventional steps if j...
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