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Bernanke: Fed Stands Ready To Take Further Action

Tuesday, October 4, 2011 - 9:28 AM
Bernanke: Fed Stands Ready to Take Further Action - Bloomberg
The Fed “will continue to closely monitor economic developments and is prepared to take further action as appropriate to promote a stronger economic recovery in a context of price stability,” Bernanke said today in testimony to Congress’s Joint Economic Committee in Washington.

The remarks signal Bernanke may not be finished after attempts in August and September to strengthen record monetary stimulus with unconventional tools. The central bank’s near-zero benchmark interest rate and $2.3 trillion of housing and government-debt purchases since 2008 have failed to produce self-sustaining growth in the economy and employment.

So, what is he going to do now?

5
mariafaltermariafalter57 posts since
Jun 6, 2010
Rep Points: 222
1. Tuesday, October 4, 2011 - 10:15 AM
Whatever he tries next out of his bag of tricks, chances are it won't favor savers.  
3
pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
2. Tuesday, October 4, 2011 - 1:36 PM
Short of printing trillions upon trillions of dollars out of thin air again and buying-up every single piece of federal debt he is pretty much out of bullets. Going negative on rates wouldn't solve anything because we are basically almost there now. Bernanke is in denial about how bad the situation really is. He just recently discovered that we have a jobs problem. Repeating the same rote drivel in front of Congress each and every time he testifies is just the usual attempt to calm the markets so they don't head further South.
3
ShorebreakShorebreak2,599 posts since
Apr 6, 2010
Rep Points: 14,063
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