As I have said for some time, it has never, from the Feds perspective, been about the economy. It has been about saving the banking system. 

The Fed's first and foremost obligation is to its banking members and stockholders (the too big to fail banks). It will give lip service to congress about everything congress wants to hear, but actions will ultimately be about the banking system.

If the foreign banks fail to a very great degree, the whole system will fail. So it is imperative (from the Fed's perspective) to do what it takes to keep the system functioning. Their justification is that if the banking system fails the world will come to an end (their world at least as the Ponzi scheme comes to light - the real world will probably survive just fine).

This is not going to end well. The "recovery" we are in, even if they manage to get things going for another round of debt expansion, will not be lasting. They might keep it going another twenty years, or another twenty months, but at some point exponential money growth needed to keep a debt based monetary system going will bring it to an end. And unless we voluntarily choose to end the expansion, the end will be a very bad end.

As always, only my opinion.

John