Sep 14, 2012 | Posted by: roboblogger
Bank of America Corp. chief executive Brian Moynihan Friday praised the Federal Reserve's decision to launch a new effort to pump money into the nation's ailing economy.
Bank of America CEO Brian Moynihan supports Federal Reserve's stimulus plan
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Bank of America Corp. chief executive Brian Moynihan Friday praised the Federal Reserve’s decision to launch a new effort to pump money into the nation’s ailing economy.
“They are trying to get the economy moving,” said Moynihan in a brief interview.“It’s the right decision because it’s working.”
The Fed pledged Thursday to buy $40 billion in mortgage-backed bonds every month from large banks and other dealers in an effort to help free up capital and spur lending. The move is also expected to help push down mortgage rates, already near record lows, to further stimulate the housing market. The central bank said it would continue buying until the unemployment rate, which stood at 8.1 percent in August, decreases significantly.
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