IS QE3 WORKING?

NEW YORK (CNNMoney) -- "The Federal Reserve announced plans to unleash more stimulus Thursday, in its third attempt at a controversial program to rev up the U.S. economy.

The policy, known as quantitative easing and often abbreviated as QE3, entails buying $40 billion in mortgage-backed securities each month. The end date remains up in the air, as the Fed will re-evaluate the strength of the economy in coming months."

The FED has launched QE3 to LOWER long term interest rates, which is what mortgage rates are based on.....why isn't it working?

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