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