Quantitative Easing 1 (QE1)
11/25/2008 AD decreed
December 2008 to March 2010
Federal Reserve announces that it would purchase up to $600 billion in agency mortgage-backed securities (MBS) and agency debt. However, these purchases were to have no impact on the balance sheet, and would have been sterilized by Treasury sales by the SOMA desk.
On December 1, Chairman Bernanke provided further details in a speech. On December 16 the program was formally approved by the FOMC, however their approval was not required as the SOMA desk was already authorized to acquire Agency debt and MBS as part of their OMOs.
On March 18, 2009, the FOMC announced that the program would be expanded by an additional $750 billion in purchases of agency MBS and agency debt and $300 billion in purchases of Treasury securities. These purchases would be unsterilized and this date more appropriately marks the beginning of QE in the US.
Lattitude: 38.9072° N
Longitude: 77.0369° W
Region: North America
Modern Day United States
Subjects Who or What decreed?
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Federal Reserve (Federal Reserve System, the Fed) The central banking syst...
Events in 2008 MORE
