Fed backs more stimulus, sidesteps pressure

WASHINGTON, September 21, 2011 (AFP) - The Federal Reserve redoubled its efforts to juice the US economy on Wednesday, unveiling a $400 billion stimulus plan and shunning political calls for the bank to take a back seat. The Fed's top policy panel unleashed the latest in a battery of tools aimed at rekindling the troubled US economy, this time moving to make mortgages and borrowing cheaper by pushing down long-term interest rates.
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In a plan dubbed "Operation Twist," the Fed said it would switch bonds in its huge portfolio with a maturity of less than three years to bonds with a maturity of six to 30 years.
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The move would not involve printing any more money, but supporters say it could lower rates and prod cash-rich banks to put their idle reserves to work

Amid criticism that the Fed has become too interventionist, the Fed pointed to an economic recovery buckling under high unemployment and a protracted housing crisis.

"Economic growth remains slow," the Federal Open Market Committee statement said.
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"Recent indicators point to continuing weakness in overall labor market conditions, and the unemployment rate remains elevated."

The size of the Fed's plan surprised some economists, including Joel Naro