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Wall Street Rallies as Fed Announces QE3 With Plans to Buy $40 Billion in Mortgage Securities

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Published on Sep 13, 2012

Speculation has swirled over the last few weeks over whether or not the Fed would announce a third round of bond purchases to stimulate the economy, and today the Fed said it will undertake QE3 with $40 Billion in Mortgage Backed Securities Purchases a Month.

Weak employment data increased pressure on the central bank to act. The FOMC said it would likely hold the federal funds rate near zero at least through mid-2015.

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