The Fed's Plan to Boost the Economy

By Scott Sarvay

The Fed's Plan to Boost the Economy

September 13, 2012 Updated Sep 13, 2012 at 5:06 PM EDT

Washington D.C. (Indiana’s NewsCenter) - The Federal Reserve announced Thursday a package of aggressive measures to help kick-start the lagging economy and reduce unemployment.

The nation's central bank says it will keep interest rates super-low for the next 2.5 years to make home buying more affordable. It will also buy billions of dollars worth of mortgage debt to stimulate borrowing and spending.

Federal Reserve Chairman, Ben Bernanke says, “The idea is to quicken the recovery, help the economy begin to grow quickly enough to generate new jobs and reduce the unemployment rate.”

It seems that's what investors on Wall Street wanted to hear, the Dow Jones Industrial average shot up more than 200 points in response, reaching its highest point since the start of the Great Recession.

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