US Fed Prepares Plan Towards Economic Recovery
To revive the ailing US economy, the Federal Reserve held a conference on Tuesday to discuss plans on how to tackle the global recession that hit most industrialized countries. Meanwhile, the finance leaders still implement its zero to 0.25 percent lending rates which can urge businesses and consumers to borrow, thus stimulating more economic activity.
During the two-day conference of finance leaders, the Federal Open Market Committee (FOMC) decided to still implement its zero to 0.25 percent lending rates which is seen to boost more borrowing from businesses and consumers, thus resulting to more economic activities.
To revive the ailing US economy, the US Federal Reserve is taking aggressive efforts to boost the credit market, including its low interest rate policy that will stimulate more borrowings.
According to earlier reports, the central bank has started to buy corporate commercial paper and mortgage securities to boost economic activities. In addition, it is planning to purchase securities linked to loans (car, student, etc.) that will pump money to consumer credit which is predicted to reach $200 billion in total.
In an interview, Fed Chairman Ben Bernanke said that “credit easing” is very important as this will stimulate borrowing to prevent the economy to stagnate.
Bernanke said that economic outlook appear to be unstable and troubling, but still, with the right implementation of policies, the financial and economic system of the country can be stabilized, adding that recovery may happen before this year ends as long as efforts have been focused in fixing the banking sector.
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