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Bernanke says Fed ready to do more for economy

04-26-2012 07:22 BJT

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Federal Reserve Chairman Ben Bernanke says the Fed "would not hesitate" to launch another round of bond purchases to drive borrowing costs lower if it looks like the economy needs it. Bernanke said the Fed remains prepared to take additional balance sheet actions as necessary to achieve its objectives.

While Bernanke held open the prospect of further quantitative easing, he did not offer any suggestion that a third round of bond purchases is necessary in the future. In a statement issued after a two-day meeting, the Fed’s policy panel described the economy as expanding moderately. It also said the unemployment rate had declined but remains elevated.

Federal Reserve Chairman Ben Bernanke is broadcast on a television screen on the trading
floor of the New York Stock Exchange, Wednesday, April 25, 2012.
And, the Fed reiterated its expectation that interest rates would not rise until late 2014 at the earliest. It said that to support a stronger economic recovery, it expects to maintain a highly accommodative stance for monetary policy.

Bernanke said, "I have talked about for example the so-called Okun’s law puzzle about whether or not unemployment will continue to fall quickly or whether it will begin to level out, given those uncertainties, given the risks like the European situation or the fiscal cliff that we have just discussed here, that there was a quite reasonable case for maintaining the guidance at late 2014 and as I said there was great deal of comfortable among the participants and the committee members with maintaining this guidance."

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U.S. Fed chief hints at new monetary steps to boost recovery

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Federal Reserve Chairman Ben Bernanke is broadcast on a television screen on the trading
floor of the New York Stock Exchange, Wednesday, April 25, 2012.

 

 

Editor:Zhang Rui |Source: CNTV.CN

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