Quantitative easing programs and tapering (QE1, QE2, QE3) (2008-2014)

1. Fed begins large-scale agency MBS purchases

   Nov 25, 2008Labels: Federal Reserve, Agency MBS

   • Fed Report

2. FOMC expands QE1 to include Treasuries

   Mar 18, 2009Labels: FOMC, U S

   • FOMC Materials
   • WaPo

3. FOMC decides to reinvest MBS paydowns

   Aug 10, 2010Labels: FOMC, Reinvestment Policy

   • Fed MPR

4. FOMC launches QE2 Treasury purchase program

   Nov 3, 2010Labels: QE2, New York

   • FOMC Materials
   • Fed MPR

5. Fed documents QE2’s balance-sheet impact

   Jul 6, 2011Labels: Federal Reserve, QE2

   • Fed Annual

6. FOMC announces “Operation Twist” maturity extension

   Sep 21, 2011Labels: Operation Twist, FOMC

   • Fed MEP FAQ
   • FOMC Materials

7. FOMC extends Operation Twist through 2012

   Jun 20, 2012Labels: Operation Twist, FOMC

   • Fed MEP FAQ

8. FOMC launches QE3 with open-ended MBS buys

   Sep 13, 2012Labels: QE3, Agency MBS

   • Fed Tools
   • Bloomberg

9. FOMC adds $45B monthly Treasury purchases

   Dec 12, 2012Labels: QE3, U S

   • NY Fed Policy
   • Fed Tools

10. Bernanke signals possible tapering later in 2013

    Jun 19, 2013Labels: Ben Bernanke, FOMC

    • CNBC
    • CNBC

11. FOMC begins taper, cutting buys to $75B

    Dec 18, 2013Labels: FOMC, Tapering

    • CNBC
    • Fed Annual

12. FOMC ends QE3 net purchases (QE era closes)

    Oct 29, 2014Labels: FOMC, QE3

    • Fed MPR
    • DW