Fed launches bold $1.2T effort to revive economy
(AP)
<p><img src="http://d.yimg.com/img.news.yahoo.com/util/anysize/130,http%3A%2F%2Fd.yimg.com%2Fa%2Fp%2Fap%2F20090315%2Fcapt.3f590f02a7a74052aac87e9efeaafb54.bernanke_60_minutes_ny115.jpg?v=2" align="left" height="85" width="130" alt="In this March 3, 2009 file photo, Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill in Washington, before the Senate Budget Committee. America's recession 'probably' will end this year if the government succeeds in bolstering the banking system, Federal Reserve Chairman Ben Bernanke said Sunday March 15, 2009 in a rare television interview on CBS' '60 Minutes.' (AP Photo/Susan Walsh, File)" border="0" /> (http://us.rd.yahoo.com/dailynews/rss/business/*http://news.yahoo.com/s/ap/20090318/ap_on_bi_ge/fed_interest_rates)AP - With the country sinking deeper into recession, the Federal Reserve launched a bold $1.2 trillion effort Wednesday to lower rates on mortgages and other consumer debt, spur spending and revive the economy. To do so, the Fed will spend up to $300 billion to buy long-term government bonds and an additional $750 billion in mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac.</p><br clear="all"/>
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