The "Great Recession" and the ensuing weak recovery have led the
Federal Reserve (Fed) to expand its monetary policy tools. Since
December 2008, overnight interest rates have been near zero; at
this "zero bound," they cannot be lowered further to stimulate the
economy. As a result, the Fed has taken unprecedented policy steps
to try to fulfill its statutory mandate of maximum employment and
price stability. Congress has oversight responsibilities for
ensuring that the Fed's actions are consistent with its mandate.
The Fed has made large-scale asset purchases, popularly referred to
as "quantitative easing" (QE), that have increased the size of its
balance sheet from $0.9 trillion in 2007 to about $4 trillion at
the end of 2013. In September 2012, the Fed began a third round of
monthly purchases of Treasury securities and mortgage-backed
securities (MBS), referred to as "quantitative easing three" or
QEIII.
General
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