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
http://beforeitsnews.com/economy/2012/12/the-federal-reserve-just-unveiled-historic-policy-measures-in-qe-4-yes-four-2471000.html
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.