The Fed Makes Its Move If the economy falters from here on out, it will be difficult to blame the Federal Reserve. Ben Bernanke, the Fed chairman, and all but one of the other members of the Fed policy committee, took decisive steps on Thursday to spur the economy, pledging to buy $85 billion worth of assets each month until the end of the year and to continue pumping money into the economy until the job market improves "substantially." Left unsaid was what would constitute substantial improvement, though it is generally assumed that the Fed is looking for an unemployment rate of 7 percent along with a clear downward trend, versus the current level of 8.1 percent. The open-ended nature of the plan and its linkage to jobs are welcome changes from previous interventions. Those efforts came with preset limits and expiration dates and thus had a sporadic quality that made them seem disconnected from the actual state of the economy. Will the latest approach work? No one knows for sure because each new round of strong monetary easing is to some degree experimental. What is known is that fiscal policy makers - that is, Congress - have failed to step forward with stimulative policies, largely because Republicans have refused to even consider measures to hire teachers, rebuild schools and otherwise create jobs. The burden of addressing persistently high unemployment has therefore fallen on the Fed. The Fed is also obliged to act under its dual mandate, which calls for price stability and full employment. Its new actions are well within that mandate. At best, however, they will boost job growth indirectly. The asset purchases are aimed at encouraging lending by lowering interest rates, particularly for mortgages; more refinancings and home sales would be a powerful boost to the economy. Lower interest rates could also persuade investors to move their money into stocks, lifting the stock market, and from there, consumer spending. The near-term stimulus the Fed is seeking would also buy insurance against potential economic shocks down the road, including failure in Washington to draw back from the looming fiscal cliff as well as continuing strains in the euro zone. The economy needs more help than the Fed can provide. But the Fed is to be applauded for doing what it can.