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Fed to pump $40 billion a month to save economy in election year

BREAKING

The Federal Reserve says it plans on purchasing $40 billion a month of mortgage debt to boost the economic recovery.

The timing coincides with the runup to the 2012 presidential election, where the economy is a concern to many voters.

“If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability,” the Fed said in a statement.

Wall Street investors apparently cheered after the Fed’s announcement.

Unemployment remains elevated since 2008, and many voters are blaming President Obama for not doing enough to slow the economic downturn.

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