Federal Reserve to buy $600bln in bonds to aid economy
Federal Reserve announced a bold plan on Wednesday to try to invigorate the U.S. economy by buying $600 billion more in Treasury bonds.
The Fed said it would buy about $75 billion a month in long-term government bonds through the middle of 2011 to further drive down interest rates on mortgages and other debt. This is in addition to an expected $250 billion to $300 billion in Fed purchases over the same period from reinvesting proceeds from its mortgage portfolio. (AP)
