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The recent stagnation in jobs and barely positive economic momentum has caused the Obama Administration to take another stab at a more targeted stimuli plan and stirred much speculation about the Fed’s options. While the proposed $450 billion jobs plan outlined by the President last week could add 1.5 million jobs and 1.5 percentage points to economic growth in 2012, it is likely to face many obstacles. The Fed’s primary options are to lower or eliminate the 0.25% interest rates it pays banks for keeping their cash in reserve to encourage more lending and to rotate short-dated Treasury debt in favor of holding more long-term Treasury debt, thereby reducing long-term interest rates even further.

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