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03-18-2009, 04:47 PM
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#1 | | The RS Anchorman
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| A Trillion More Dollars To Boost US Economy
The US Federal Reserve says it will buy almost $1.2 trillion (£843bn) worth of debt to help boost lending and promote economic recovery.
It said it would start buying long-term government debt and expand purchases of mortgage-related debt.
The size of the move surprised investors, causing the Dow Jones stock index to jump almost 200 points.
The Bank of England has already begun buying government debt to expand money supply - known as quantitative easing.
The Federal Reserve said it hopes the measures will boost mortgage lending and the struggling housing market by lowering interest rates on mortgages and other forms of consumer debt.
"This is not only going to keep mortgage rates low for a long period of time," said Greg McBride, a senior financial analyst at Bankrate.com.
"The mere announcement may produce a honeymoon effect and bring mortgage rates down to even lower levels in the coming days."
The US central bank also kept interest rates unchanged at close to zero after its two-day policy meeting.
In December, it cut rates as low as they can go - to a range of zero to 0.25%.
The Fed's unprecedented measures come as central banks around the world are grappling with how to fight the worst recession since World War II.
Japan said earlier on Wednesday it would step up its purchases of government debt.
"Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending," the Fed said.
All tools
The Fed said it would employ "all available tools" to promote economic recovery.
The biggest surprise was the announcement that the Fed would buy up to $300bn worth of government debt, known as US Treasuries, over the next six months.
It also said it would buy an additional $750bn of mortgage-backed securities to boost mortgage lending, bringing total purchases of this type to $1.25 trillion.
It added that it would buy a further $100bn in debt issued by government-sponsored agencies like Freddie Mac, which supports the mortgage market.
"This is a pretty dramatic move," said James Caron, head of global rates research at Morgan Stanley in New York.
The Dow Jones industrial average gained 90.88 points, or 1.23%, to end at 7,486.58 points, reversing early losses.
The move boosted banks and financial shares, with Citigroup up 23% and Bank of America vaulting 22% higher.
However, the announcement hurt the dollar, which hit a two-month low against the euro on fears that the measures would undermine the currency.
The yields payable to holders of government bonds also fell sharply.
The yield on the benchmark 10-year Treasury note fell to 2.5% percent from 3.01% - its biggest one-day slide since the Wall Street crash of 1987.
Canadian Press
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03-18-2009, 05:24 PM
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#2 | | WOAH! i think Vtec just kicked in!
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I can just see how much taxes are gonna go up for the American people 5 years down the road
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03-18-2009, 05:43 PM
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#3 | | OMGWTFBBQ is a common word I say everyday
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CAD back to par soon I guess
YAH
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Originally Posted by Fei-Ji  haha i can taste the cum in my mouth | There is a time when you have to sig a post.
It just happened.
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03-18-2009, 05:49 PM
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#4 | | The "You'd Know" Moderator
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| Quote:
Originally Posted by wouwou CAD back to par soon I guess
YAH | How is that a good thing?
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Ezekiel 25:17. The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men. Blessed is he who, in the name of charity and good will, shepherds the weak through the valley of the darkness. For he is truly his brother's keeper and the finder of lost children. And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers. And you will know I am the Lord when I lay my vengeance upon you. | |
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03-18-2009, 05:53 PM
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#5 | | RS.net, helping ugly ppl have sex since 2001
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| Quote:
Originally Posted by impactX How is that a good thing? | How is that a bad thing?
Everything has trade offs. What maybe good for some people is worse for others.
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Originally Posted by Jason00S2000 Invisible sky daddies commanding people to do shit is just so beyond retarded, I feel like punching myself in the balls until I shit my computer chair. | Quote:
Originally Posted by Chopstick 4 years ago, I pulled up to burger king, and asked to get a teen burger. I realized after the 3rd time i said it, I was in the wrong fucking place.
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Originally Posted by Sky_High [19-10, 22:51] how many post do I need before I can fail TOS'D posts. | | |
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03-18-2009, 06:14 PM
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#6 | | I contribute to threads in the offtopic forum
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03-18-2009, 07:12 PM
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#7 | | OMGWTFBBQ is a common word I say everyday
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^ lol did u get that from rense.com?
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03-18-2009, 07:41 PM
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#8 | | OMGWTFBBQ is a common word I say everyday
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Originally Posted by impactX How is that a good thing? | its not, but there is nothing we can do.
USD dropped more than a cent against CAD today already
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Originally Posted by Fei-Ji haha i can taste the cum in my mouth | There is a time when you have to sig a post.
It just happened.
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03-18-2009, 08:04 PM
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#9 | | I subscribe to the Fight Club ONLY
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Originally Posted by impactX How is that a good thing? | i can go back to buying stuff from the states for dirt cheap
i can buy more USD for cheap and invest with a US savings account
im sure there is more...but those are my 2 main bonuses
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03-19-2009, 09:14 AM
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#10 | | Even when im right, revscene.net is still right!
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i'm really wanting things to be at par again, the sooner it breaks the sooner i can buy my car from the states  . Im guessing it will be par quite soon, since investors will probably more oil/gold instead of a shakey US dollar
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03-19-2009, 12:43 PM
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#11 | | Banned (ABWS)
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sweet.. since i'm don't have to worry about the bad trade-offs of our dollar being on par with the us, i can enjoy cheap shopping in the states..
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03-19-2009, 01:33 PM
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#12 | | Willing to sell a family member for a few minutes on RS
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cheap dollar is great for us ebayers  | |
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03-19-2009, 02:00 PM
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#13 | | Say! Say! Say!
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Damn, I should've waited before buying some shit online.
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03-19-2009, 02:53 PM
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#14 | | HELP ME PLS!!!
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Obama won't need 4 years to destroy the country. it'll be done long before his term is up, if he makes it that far.
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03-19-2009, 03:10 PM
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#15 | | Unofficial Tin Foil Hat Specialist.
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A near parity of the dollar means more Cruises for me!!!!
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03-19-2009, 03:52 PM
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#16 | | what manner of phaggotry is this
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dollar on par = canada funding the US economy.
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