“The Federal Reserve laid out a serious quantitative easing program Thursday, including $40 billion in mortgage security purchases a month, and Bank of America economists took the central bank at its word.
“This is the Fed engaging all their major policy tools to support a stronger recovery in the labor market,” BofA economists Michael Hanson and Ethan Harris write in a note to clients obtained by Business Insider.
Indeed, the Fed expressed serious concern about unemployment, now 8.1 percent, with Chairman Ben Bernanke saying in his press conference, “We’re looking for ongoing, sustained improvement in the labor market.”
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