QE sliced unemployment by 1.5 points, says Fed’s Williams

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The Federal Reserve's extraordinary monetary policy measures implemented via forward guidance on interest rates and large-scale asset purchase programmes – or quantitative easing – has had a substantial impact in reducing unemployment and bolstering US economic growth, according to John Williams, president and chief executive of the Federal Reserve Bank of San Francisco.

Using the Federal Reserve Board's large-scale macroeconomic model, Williams said the combined effects of the first two rounds

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