COMMITTEE RELEASE, SEPT. 13, 2012

“A highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens.”

CHAIRMAN BEN S. BERNANKE, APRIL 25, 2012

“Does it make sense to actively seek a higher inflation rate in order to achieve ... a slightly increased pace of reduction in the unemployment rate? The view of the committee is that that would be very reckless.”

COMMITTEE RELEASE, MARCH 16, 2010

“Information...suggests that economic activity has continued to strengthen and that the labor market is stabilizing.”

CHAIRMAN BEN S. BERNANKE, DEC. 1, 2008

“Although conventional interest rate policy is constrained by the fact that nominal interest rates cannot fall below zero, the second arrow in the Federal Reserve's quiver — the provision of liquidity — remains effective.”

The Fed announces a sweeping new program to accelerate the recovery. It says that it will buy mortgage bonds at a rate of $40 billion a month until the jobs outlook improves, and that it does not expect to raise interest rates until mid-2015. Inflation is discounted as a constraint.

Thursday

The Fed, confident that the economy is improving, says it will not do more to reduce unemployment, in part because it is constrained by its responsibility to control inflation.

April 2012

The Fed says it intends to keep short-term rates near zero until late 2014.

Jan. 2012

Amid slow job growth and a debt crisis in Europe, the Fed decides to act again, introducing "Operation Twist," a plan to keep long-term rates down without expanding its portfolio. In June 2012, the program is extended until the end of the year.

Sept. 2011

The Fed, increasingly concerned that the economy is not improving, tries to drive down borrowing costs in a different way, by announcing that it intends to keep short-term rates near zero until mid-2013.

Aug. 2011

The Fed, confident that the economy is improving, ends QE2.

June 2011

The Fed announces that it will buy another $600 billion in Treasury securities to revive the flagging economy and ward off deflation. The program is called QE2.

Nov. 2010

The Fed, confident that the economy is improving, ends QE1.

March 2010

The Fed announces that it will buy $500 billion in mortgage bonds, and $100 billion in debt issued by Fannie Mae and Freddie Mac. The program, which aims to reduce borrowing costs and spur investment, is called QE1. It is expanded in March 2009 to a total of $1.3 trillion, including Treasury securities.

Nov. 2008

The Fed cuts rates for the first time in six years. By December 2008, it has reduced its benchmark rate to nearly zero for the first time ever.

Sept. 2007

The Fed's benchmark rate peaks at 5.25 percent.