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Fischer says Fed's QE an effective stimulus

Federal Reserve Vice Chair Stanley Fischer speaks during a CNN Debate on the Global Economy in Washington, DC, October 9, 2014Federal Reserve Vice Chair Stanley Fischer on Friday said the Fed’s exceptional large-scale asset purchases were continuing to provide “meaningful stimulus” to the US economy. At a monetary policy forum in New York, Fischer laid out the positive effects of the central bank’s massive rounds of quantitative easing aimed at pulling the economy out of the 2008-2009 Great Recession. The controversial QE tool also has been used by the British and Japanese central banks amid a slowing global recovery and is set to be launched next month by the European Central Bank to revive the eurozone. Fischer noted that the Fed’s balance sheet over the past several years has swollen to about $4.5 trillion, largely reflecting the QE programs, from about $900 billion in 2006.

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