The Federal Reserve has launched a last-ditch effort to shore up the US economic recovery with a fresh round of quantitative easing – nicknamed QE2 – under which it will buy $600bn of longer-term Treasury bonds by the middle of next year.
But in a move that is likely to disappoint markets, the Fed gave no signal about whether it will expand its asset purchases beyond that number.
“The committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase programme in light of incoming information and will adjust the programme as needed to best foster maximum employment and price stability,” said the statement from the rate-setting Federal Open Market Committee.
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