MercoPress. South Atlantic News Agency
“Fed not ready to take its foot off the gas”, Bernanke tells the US Congress
Bernanke testifying before the Joint Economic Committee: inflation remains subdued The Federal Reserve's monetary stimulus is helping the US economy recover, and the central bank needs to see further signs of traction before taking its foot off the gas, central bank chairman Ben Bernanke said on Wednesday.
In testimony that offered no sign that he is ready to retreat from the Fed's latest round of bond buying, Bernanke emphasized the high costs of unemployment and inflation that continues to run below the central bank's target.
“Monetary policy is providing significant benefits” Bernanke said in remarks prepared for delivery to the Joint Economic Committee of the U.S. Congress, citing strong consumer spending on autos and housing, as well as increases in household wealth.
”Monetary policy has also helped offset incipient deflationary pressures and kept inflation from falling even further below the (Fed's) 2% longer-run objective.“
He said part of the reason for low inflation was a decline in energy prices. But there were also indications of more broad-based disinflation, Bernanke said.
”Price inflation for other consumer goods and services has also been subdued,” he said.
Bernanke reiterated that the Fed was prepared to either increase or reduce the pace of its bond buys depending on economic conditions, as the central bank stated on May 1 after its last policy meeting.
The Federal Open Market Committee next meeting is scheduled for June 18/19.
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Read all commentsIt's only the fact that the US Dollar is the worlds reserve currency that they are getting away with this shit.
May 22nd, 2013 - 07:07 pm 0“It's only the fact that the US Dollar is the worlds reserve currency that they are getting away with this shit.”
May 22nd, 2013 - 11:07 pm 0Indeed, but won't last for long, and they know that though they don't give a damn.
Bernanke who gets it's orders from the gangsters, will never take his foot off the gas pedal, otherwise it's game over, though this game can't and won't last forever, because other nations are moving slowly away from using the US dollar.
http://en.mercopress.com/2013/05/22/fed-not-ready-to-take-its-foot-off-the-gas-bernanke-tells-the-us-congress#comment249167: And its working. Your point is?
May 23rd, 2013 - 02:18 am 0An interesting article in Forbes today titled “Economically, Could Obama Be America's Best President?” The answer is, basically, yes. It points out that at the end of the Bush 43 administration the budget defecit was 10% of GDP, is now 4% of GDP and is falling. This is not what budget hawkes and “rartional” economists (who are neither rational nor economists) predicted.
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