QE Dashboard

Lengthened low rates pledge added onto maturity extension program

  • The maturity extension program moderately flattened the yield curve and lowered key mortgage spreads since its inception, but little movement in real estate credit outstanding as a result. The Fed continues to focus on housing.

  • The new pledge and the continuation of the maturity extension program will further lower interest rate volatility, with uncertain effects on housing

  • Reenacted liquidity swap programs eased short-term interbank credit conditions and foreign capital outflows slowed as Europe deleverages

  • Labor markets conditions eased as unemployment dropped to 8.5%, but the FOMC remains unconvinced of the sustainability of current labor market indicators, the behavior of which may reflect factors outside of monetary policy