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More QE expected in U.S. this evening

17:00 02Nov10 - FOMC: MEETING BEGINS AT 1:00 P.M. ET AS SCHEDULED

WASHINGTON--The Federal Open Market Committee began the first day of its two-day meeting at 1 p.m. EDT Tuesday, as scheduled, the Federal Reserve said.

After the two-day meeting, the monetary policy-making body of the Fed plans to announce any decision it makes on short-term interest rates and issue an accompanying statement on the economy at about 2:15 p.m. EDT Wednesday.

The Fed is expected to unleash more quantitative easing. A new round of bond-buying would be aimed at lowering long-term interest rates to give the economy a lift.

High unemployment is restraining the recovery from recession. Consumer spending sped up in the third quarter, but it remains uncertain whether people will spend strongly in the crucial holiday season. Government data this week showed spending rose below expectations in September as incomes dipped for the first time in more than a year.

Opinions vary on what the large-scale buying of government securities will do for the economy. Proponents of new quantitative easing say buying hundreds of billions of dollars more in Treasury bonds will provide only modest support for the economy. Foes warn that it could backfire by pushing up commodity prices, sowing seeds of unwelcome inflation in the future, or by undermining confidence in the Fed's ability to manage--and eventually reduce--its holdings.
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Comments

  • purch
    purch Posts: 9,865 Forumite
    More QE expected in U.S. this evening

    Evening is always the best time for some QE !!!

    Beats Morning and Afternoon every time :eek:
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • mais combien? The biggest figure I have seen predicted was over a trillion :eek::eek::eek:
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    setmefree2 wrote: »
    mais combien? The biggest figure I have seen predicted was over a trillion :eek::eek::eek:
    The last 'consensus' I saw was $250,000,000,000 - $500,000,000,000. Then a lot of research says the Fed will 'surprise on the upside' (ie announce QE of more than that).

    I've gotta be honest, as an amateur economist that really tries to put economics into a real world rather than a model I can't claim to be a soothsayer or even a decent forecaster. I can say however that all this QE stuff seems highly likely to end in tears.

    "You can't buck the market".
  • Generali wrote: »

    "You can't buck the market".

    Seems you can....for a while.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    edited 3 November 2010 pm30 12:48PM
    Seems you can....for a while.

    Yup, for a while.

    to go OT for a second, I heard a great description of how Gordon Brown's socialism saved the planet today. It's like Mr Brown said, "I drink whiskey to stop the moon catching fire". At no point did anyone take his whiskey bottle away to check what would happen.
  • de1amo
    de1amo Posts: 3,401 Forumite
    1,000 Posts Combo Breaker
    wasnt QE the economic downfall of 'between' wars Germany--in the end it ended up with total devaluation of the german currency and foreigners buying up all the assets for little money--i fail to see how printing money cannot lead to a worthless currency--looking from outside of the uk as i do i know my pound exchange has gone down 17pc in 4 years and its excelerating!--if the currency doesnt become worthless the tightining of the purse strings will be so severe we will be back to high unemployment and the austerity of the 70s when the uk was on the verge of becoming a third world economy--i saw the forcast of 1,6 million further job losses being predicted for the near future!--
    mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.
  • Obama just got shafted in the mid terms because the US public couldn't see him physically doing anything to speed up the recovery of the economy.

    Americans have to actually see things happening, with their own eyes. Tony Hayward was almost hung, drawn and quartered in public because they wasn't any TV programme where a film crew followed him around while he personally piloted a massive modified cruise liner around the gulf sucking up all the oil whilst periodically jumping over the side to rescue a dolphin or two.

    There is no question that the government have to make some headlines to please the nation. Otherwise they will 'not be doing anything' no matter how much they are doing.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    Blacklight wrote: »
    Obama just got shafted in the mid terms because the US public couldn't see him physically doing anything to speed up the recovery of the economy.

    Americans have to actually see things happening, with their own eyes. Tony Hayward was almost hung, drawn and quartered in public because they wasn't any TV programme where a film crew followed him around while he personally piloted a massive modified cruise liner around the gulf sucking up all the oil whilst periodically jumping over the side to rescue a dolphin or two.

    There is no question that the government have to make some headlines to please the nation. Otherwise they will 'not be doing anything' no matter how much they are doing.

    There's more too it than that.

    Despite every British person knowing that the NHS is the envy of the world, Americans hate the idea of 'socialist medicine'. President Obama was elected because or perhaps in spite of a promise to push through a socialist medical system.

    It's probably worth recalling at this point that President Clinton almost had his first term derailed by trying to force through a state medical system. Rather cleverly he got his wife to be the one to be the one actually taking the political risk so when it all blew up he could say, "Not me guv".

    There seems to be a massive number of people in the UK that think Americans are dumb because they don't want Socialism. Thus every time a candidate stands on a partly Socialist platform they get excited. When one of these people (eg Obama) gets elected, groups like BBC journalists or Guardian commentators suffer some kind of priapic phantasmagoria without really understanding the truth about America:

    Americans Don't Want Socialism.

    It doesn't really matter what you or I think about Americans, their political, electoral, industrial or economic systems. At present they are Top Country and as such we can either kow tow to them or be invaded, most probably at Thanet.
  • tomterm8
    tomterm8 Posts: 5,892 Forumite
    Part of the Furniture Combo Breaker
    edited 3 November 2010 pm30 3:48PM
    Generali wrote: »
    There's more too it than that.

    Despite every British person knowing that the NHS is the envy of the world, Americans hate the idea of 'socialist medicine'.

    Ironically, last time I looked it appeared that the Americans spent nearly as much as percentage of their GDP on socialised medicine than the UK (under the last Tory gov they spent more than the UK on socialised medicine), they just get a much worse deal because they don't like socialism.
    “The ideas of debtor and creditor as to what constitutes a good time never coincide.”
    ― P.G. Wodehouse, Love Among the Chickens
  • Generali wrote: »
    It doesn't really matter what you or I think about Americans, their political, electoral, industrial or economic systems. At present they are Top Country and as such we can either kow tow to them or be invaded, most probably at Thanet.

    They are quite wealthy, but as a major power they have a virtual complete disinterest in projecting their power beyond their borders. There has never been a US Empire, and there plans to democratise the world often seem to rely a small number of troops spending a couple of months sorting things out.
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