Obama backs the Fed's bond-buying program

11/8/2010 | Washington Post, The · CNNMoney

U.S. President Barack Obama announced his support for the Federal Reserve's plan to inject liquidity into the economy through the purchase of $600 billion in government debt. He said during a news conference in New Delhi, India, that he doesn't have authority over the central bank but that he backs Chairman Ben Bernanke. "The Fed's mandate, my mandate, is to grow our economy," Obama said. "And that's not just good for the United States; that's good for the world as a whole." The Fed's move has been criticized by officials of emerging economies and major exporting nations.

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Washington Post, The · CNNMoney

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