This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

The Federal Reserve's decision to loosen the monetary reigns by buying $40 billion a month in mortgage-backed securities in an effort to boost the economy was not greeted with overwhelming enthusiasm in Utah.

Among financial advisers and academics contacted by The Tribune, there were as many doubters as believers in the program, popularly known as QE3:

"Clearly Fed Chairman [(Ben] Bernanke is concerned about the economy and believes [QE3] is necessary. But a lot of economists are concerned that we're running the risk of inflation in the future. One thing Bernanke can say is that if inflation becomes a problem he can pull that money back out of the system. But what is going to happen if inflation picks up before unemployment goes down? We could be in the situation where we still have high unemployment and the Fed is contracting the money supply."

— Frank Caliendo, Utah State University economics professor

"The stock markets clearly have been looking forward to it. The concern is whether it will have any lasting impact or if, like QE1 and QE2, it will be more of a short-term boost than a long-term solution."

— Mike Arnold, Edward Jones stock broker

"QE3 should help support the markets, but I'm thinking that maybe it will have less of an impact than QE1 or QE2. As the economy and the markets improve, the medicine will be less effective. Still, it may help keep the markets and the economy on an upward trajectory."

— Toby Levitt, investment adviser, Albion Financial Group

"It will be positive if its managed correctly, if the Fed has the controls in place to back off once the economy starts to improve. A lot of people are worried about inflation, but that hasn't been a problem in the U.S. for quite awhile. With the rate of unemployment rate at 8 percent and the growth rate in the economy being so slow, I don't anticipate that being a problem. But but there are always unexpected developments."

— Lowell Glenn, chairman of the Finance and Economic Department, Utah Valley University