Josh Barro, Columnist

With QE3, We All Win -- Poor and Rich Alike

September 13, 2012 at 5:46 PM UTC

Josh Barro is the lead writer for the Ticker, Bloomberg View's blog on economics, finance and politics. His primary areas of interest include tax and fiscal policy, state and local government, and planning and land use. Previously, Barro was a Senior Fellow at the Manhattan Institute for Policy Research and a commercial real estate banker at Wells Fargo. He holds a bachelor's degree in psychology from Harvard and lives in Queens, New York.

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Today’s Federal Reserve announcement is a big deal. We’re not just getting another round of quantitative easing, but an open-ended one that will continue until the labor market improves.

And accommodative monetary policy will continue “for a considerable time after the economic recovery strengthens,” with short-term rates at or below 0.25 percent through mid-2015.