Markets Higher as Boston Fed President Calls for 'Open Ended' QE3

August 7, 2012 11:11 AM EDT
Boston Federal Reserve president, Eric Rosengren, is calling for decisive action from the Fed to boost the weakening U.S. economy. His comments came during an interview on CNBC’s Squawk Box.

"If you're treading water, even if you're a good swimmer, at some point you need to get to land," Rosengren said in an interview with CNBC.

He is calling for an open ended round of quantitative easing to boost the economy and fuel jobs gains. Without Fed action, Rosengern sees the jobless rate growing.

Just after 11AM ET, the Dow is up 62, the Nasdaq is up 23 and the S&P 500 is up 8.

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