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The US Federal Reserve has launched an unlimited new effort to drive the economic recovery forward by buying $40bn of agency mortgage-backed securities a month.

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Crucially, the new round of quantitative easing – nicknamed QE3 – does not have a defined limit but will continue until until the outlook for the labour market gets better.
The open-ended programme of QE marks one of the most significant shifts by the Fed since the 2008-09 financial crisis. For the first time, the Fed has tied its policy to what happens in the economy.
“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,” said the statement by the rate-setting Federal Open Market Committee.

If unemployment stays high, then that will mean that asset purchases continue automatically, providing a prop to financial markets and the economy.

The Fed also extended its forecast of how long interest rates will remain “exceptionally low” from late 2014 until mid 2015. It attached new language to that forecast indicating that it expects rates to stay low even after the economy picks up.