With QE3, which started in late 2012 and continues today, the Fed took a different approach. Instead of announcing a time limit, the Fed made the program open-ended, promising to buy tens of billions of dollars of assets per month for as long as it took for the economy to start growing again. The Fed said it was willing to tolerate inflation as high as 2.5 percent — above its 2 percent target. And the bank said it would keep interest rates at 0 percent for an extended period even after the economy began picking up.
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