Remarks by FOMC Chairman Bernanke:
While the labor market has shown “some improvement,” the Fed chairman said “high rates of unemployment and underemployment are extraordinarily costly.”
“Not only do they impose hardships on the affected individuals and their families, they also damage the productive potential of the economy as a whole by eroding workers’ skills and -- particularly relevant during this commencement season -- by preventing many young people from gaining workplace skills and experience in the first place,” he said.
Perfect ... Glad to see that FOMC Chairman is well aware of the unemployment, and is determined to keep policy of ZIRP in place for as long as it takes to get the employment up.
I along with majority of Americans believe that it is extraordinarily important for FOMC to stay focussed on its dual mandate. Since inflation is not a current problem, but the unemployment is, the focus therefore must turn to unemployment.
- AnonIn FED I Trust