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Emerging from its final policy committee meeting of 2012, the Federal Reserve announced its latest interventions to support the economy. A new program of asset purchases – to the tune of $85 billion per month when combined with the Fed’s current mortgage bond program – was widely expected since maturity extension concludes later this month. Earlier this year, Fed officials had signaled that accommodative policy would remain in place absent a material improvement in the labor market. While the unemployment rate has fallen, it is nowhere near a healthy level. The rationale for intervention holds. 

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