Fed asset purchases have stimulated spending and "eased financial conditions" Federal Reserve Board Vice Chair Janet Yellen said Monday.

"Research suggests that our purchases of mortgage-backed securities pushed down MBS yields and that MBS yields pass through, with a lag, to mortgage rates," Yellen told a NABE Economic Policy Conference, according to prepared text of her remarks, released by the Fed. She added there is evidence that suggests "our asset purchases have been reasonably efficacious in stimulating spending. There is considerable evidence that these purchases have eased financial conditions, and so have presumably increased interest-sensitive spending."

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