Saying that the recovery isn't occurring fast enough, the Federal Reserve announced today it will buy $600 billion of U.S. government debt over the next eight months.
The Fed said it was making the decision to "promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its [the Fed's] mandate."
The decision was made by the Fed's Open Market Committee.
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The Fed also announced it was keeping the federal funds rate, the interest rate banks use when lending to one another, at between 0% and 0.25%.
Kansas City Federal Reserve Bank President Thomas M. Hoenig was the only person to vote against policies and cited the risk of "future financial imbalances" and causing more inflation.
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