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The Federal Reserve just Unveiled Historic Policy Measures in QE 4... Yes, FOUR...

Saturday, December 15, 2012 17:41

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The Fed announced QE4 as expected, but it surprised markets by adopting

quantitative thresholds tying monetary policy to a 6.5 percent unemployment

rate target, as long as inflation stays below 2.5 percent.

Adoption of quantitative thresholds was thought by many to be introduced sometime in 2013.

Below is a record of the press conference Bernanke delivered after the decision and the Q&A that followed.

2:12 PM | Waiting for Bernanke

Press conference starts at 2:15 PM ET.

2:17 PM | Ben Bernanke outlines the Fed’s announcement

The Fed continues its purchases of (toxic?) mortgage backed securities and long-dated Treasuries at the same pace as before.

2:18 PM | Bernanke says FOMC is abandoning calendar-based policy targets

Instead, FOMC will watch unemployment rate, hours worked among other labor market variables.

2:19 PM | Bernanke says regular assessments will be taken as the new easing program progresses

QE4 will be modified as appropriate in the future.

PRESS CONFERENCE CONTINUES HERE

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