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Quantitative Easing 1• QE1 started Nov 25, 2008 through June 2010• The Fed initiated purchases of $500 billion in

mortgage-backed securities. • In March 2009, the program wasexpanded by an additional $750 B • The Fed cut the key interestrate to near zero, Dec. 16, 2008. • The QE1 concluded with a total of $1.25

trillion in purchases of MBS & $175 billion of agency debt purchases. 2

Quantitative Easing 2• QE2 started Nov 2010 through June 2011. • Fed purchased $75 M worth of long-term

securities every month, totaling $600 B of short-term bonds.

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Operation Twist• Purpose: to help stimulate sluggish economy.

The fed initiative of buying longer-term Treasuries and selling some of the shorter issues it already held.

• Part I: September 2011 through June of 2012 which involved the redeployment of $400 billion in Fed assets.

• Part II: July 2012 through December 2012, and it will encompass a total of $267 billion. In order to bring down long-term interest rates.

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Ben Bernanke FR Chairman

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Quantitative Easing 3• QE3 started Sept 13th 2012 to Nov 14th 2012• The Fed will buy $40 billion of mortgage debt

a month (MBS)• Keep interest rates at zero percent until at least 2015• In contrast to the QE1 &QE 2, QE3 the Fed can flood $ into the system indefinitely

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