Bernanke says the Fed will stay the course

Nothing new this morning in Federal Reserve Chairman Ben Bernanke’s testimony before the Joint Economic Committee of Congress. And that’s what the market wanted to hear. Bernanke reiterated that the Federal Reserve remains convinced that the job market is weak and that consumer price inflation is low.

Federal Reserve launches QE3

“To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month.”