The Fed has decided to embark on QE3. That's another round of bond buying aimed at reducing interest rates and sparking growth. This time the Fed says they are focusing on buying mortgage-backed securities at the rate of 40 billion a month. The point is to push down long-term interest rates, especially mortgage rates which the Fed hopes will boost the housing market which they also note in their statement is showing some signs of improvement.

 

NPR's John Ydstie on the statement released today by the Fed's policymaking Federal Open Market Committee. Within hours of that statement, Fed Chair Ben Bernanke warned that while some sectors are getting better, he says the job situation remains a grave concern.

 

“While the economy appears to be on a path of moderate recovery, it isn't growing fast enough to make significant progress reducing the unemployment rate.”

 

Last week new unemployment claims hit their highest level in two months in part because of disruptions by Hurricane Isaac.  

 

The economy figured prominently in Republican Mitt Romney's campaign through Virginia as NPR's Ari Shapiro explains.

 

Fairfax is a suburban community just a few minutes outside Washington DC. The Romney campaign has been reaching out to women and Asian voters here. That was clear from a lineup of four women who spoke before Romney arrived. Salon owner Sunni West is the daughter of immigrants from Laos.

 

“In addition to being a small business owner, I'm also a daughter, mother, sister, friend and also a business that employs 20 hard-working, very dedicated employees.”

 

Romney talked about the income gap between rich and poor, something Republicans almost never mention. He began by talking about the deaths of US diplomats in Libya. But he did not repeat his attacks on President Obama's foreign policy. Ari Shapiro, NPR News in Fairfax, Virginia. 

 

President Obama once again defended himself against Romney's recent claims that he was weak on foreign policy, telling voters in Golden, Colorado today those responsible for this week's deadly attack on the US consulate in Libya would be hunted down.

 

“No act of terror will go unpunished. It will not dim the light of the values that we proudly present to the rest of the world. No act of violence shakes the resolve of the United States of America.” 

 

Libya's deputy defense minister says four people are being questioned in connection with the Benghazi attack that killed four American diplomats including Ambassador Chris Stevens. It was part of a backlash in the Middle East against an obscure anti-Islamic film in the US. 

 

This is NPR News.

 

Astronaut Neil Armstrong has been honored at a memorial service at the Washington National Cathedral. NPR's Craig Windham reports more than 2,000 people, including government officials and former astronauts, paid tribute to the first person to set foot on the moon.

 

Astronaut Gene Cernan, who was the last person to walk on the moon, said Armstrong was a man of humble grace who embodied all that's good and great about America. Astronaut Michael Collins, who was the command module pilot for the historic Apollo 11 mission, read a prayer in honor of his famous crew-mate.

 

“Especially we thank you this day for your servant, Neil Armstrong, who with courage and humility first set foot upon the moon.”

 

The closing procession moved past the cathedral’s stained-glass space window. In the middle, it’s a round slice of moon rock brought back to Earth by Armstrong and his fellow Apollo 11 astronauts. Craig Windham, NPR News, Washington.

 

Florida election supervisors reportedly will have to contact all that 207 of the more than 2,600 voters who would have been removed from voting roles. According to the Associated Press, Republican Governor Rick Scott had suspected they were ineligible and now they have to be told they can vote. Groups that work with immigrants, Haitian-Americans and Puerto Ricans filed suit against the purge, alleging it was discriminatory. 

 

AP reporting Beef Products, Inc is suing ABC News for deformation over the network’s coverage of the so-called pink slime meat products. [The] South Dakota-based company accuses ABC of misleading people into believing the product is unsafe. ABC News says there’s no merit to the suit.

 

This is NPR.