'Overhyped' and 'a mistake' - Industry reacts to QE2

We round-up industry reaction to the Federal Reserve's announcement it will pump a further $600bn of stimulus into the US economy.

ECONOMY Ted Scott, director of UK strategy, F&C: "The market was expecting slightly less than was announced - more like $500bn. The surprise element was that QE2 is over a more extended period, but also that it is open-ended, so if the Fed does not achieve its objective by the time all the money is spent, it will probably have another tranche of QE. "In the first round it did $1.75trn, and it is difficult to tell how much effect that had, but clearly it was not as much as was hoped for because the Federal Reserve has had to do it again "The efficacy of QE is perhaps overhyped, a...