The New York Times
Tue, August 10, 2010 -- 2:18 PM ET
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Fed to Buy Government Debt; Says the Recovery Has 'Slowed'
Acknowledging that "the pace of recovery in output and
employment has slowed in recent months," the Federal Reserve
on Tuesday announced that it would use the proceeds from its
huge mortgage-bond portfolio to buy long-term Treasury
securities.
The action was a small step in dollar terms but the clearest
indication yet that officials at the central bank had become
alarmed about new indications that the recovery had stalled
and could even, in the view of some Fed officials, turn into
deflation, a spiraling decline in demand, wages and prices.
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