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Quantitative easing Federal Reserve announcement

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MONROE, La. (KNOE 8 News) - For the past eight years Ben Bernanke has been the chairman of the U.S. Federal Reserve. Friday will be his last day. Before his work is finished and he gets replaced, he is holding a Federal Reserve meeting. Our Nolan Crane spoke with financial advisors in the Ark-La-Miss who say the purpose of the meeting is to pullout of the stimulus program.

Darren Oglesby makes his living crunching numbers and looking at the stock market as a registered financial consultant in Monroe. He has done his research and spoken with other investors. Everyone agrees the purpose of Wednesday's meeting with Federal Reserve Chairman Ben Bernanke is to reduce the amount of money in the stimulus program.

"The federal reserve is making a statement that they believe that our economy is strong enough to take some of the stabilization out that they have been injecting," said Darren Oglesby.

The Federal Reserve is currently spending $75 billion a month on the stimulus program. The money is used to extend state run programs including food stamps, unemployment benefits, construction projects and grants that keep people working and making contributions to our economy. Investment manager Steve Mintz in Monroe says it will be a while before the Federal Reserve completely pulls out.

"It's had the pedal to the metal running on the interstate running 90 miles an hour and they are going to cut it back to 80 miles an hour and then 70 and 60," said Mintz.

A lot of stocks have seen an up-tick since the recession representing a stronger U.S. economy. Predicting the future is impossible but advisors say its possible quantitative easing could cause a shift in the market.

"I think that the stock market over the next year or two is going to under perform the performance it's had since this rally started in March 2009. It doesn't mean that it will not be up, but I don't think it's going to be the percentage type that it's been four or five years on average," said Steve Mintz.

Ben Bernanke says the goal is to reduce spending and funding and let the market sustain itself.

His last day as the Federal Reserve chairman is Friday. For the first time ever a women, Janet Yellen will hold the position.

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