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Fed’s stimulus decision sets off economic debate

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WASHINGTON — The Federal Reserve’s decision to postpone any pullback in its economic stimulus immediately ignited a debate: Was the Fed right or wrong to delay the inevitable?

Investors had anticipated a small cut in the Fed’s $85 billion in monthly bond purchases, which are intended to keep long-term borrowing rates low to encourage spending. A pullback would have signaled that the Fed felt the economy had shown steady improvement.

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