9 The Committee also used balance sheet policy through most of this period. The first two programs of large-scale asset purchases (LSAPs), popularly known as QE1 and QE2, and the maturity extension program were announced in terms of time and quantity – that is, a certain quantity of assets would be purchased over a certain time.
In adopting QE3, by contrast, the Committee committed to continuing purchases until there was a substantial improvement in the outlook for the labor market. 10 QE3 was fully data-contingent.