He will keep the pedal to the metal deep into 2013
WASHINGTON — Federal Reserve Chairman Ben Bernanke faces the first of two days of congressional testimony that will subject the Fed’s controversial bond-buying program to tough scrutiny and gauge his confidence in the resilience of the U.S. economy.
WASHINGTON — Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. central bank still expects to start scaling back its massive asset purchase program later this year, but left open the option of changing that plan in either direction if the economic outlook shifted.
While sticking closely to a timeline he first outlined last month that the Fed would halt bond buying by mid-2014, when unemployment was projected to be around 7%, Bernanke went out of his way to stress that nothing was set in stone.
WASHINGTON — Ben Bernanke’s sway over financial markets has been on full display in recent weeks. When the Federal Reserve chairman speaks Wednesday to Congress, investors will once again parse each word for any subtle shift in the Fed’s stance on interest rates.
Bloomberg reports: Bernanke Seeks to Divorce QE Tapering From Interest Rates Federal Reserve Chairman Ben S. Bernanke will have a chance to use testimony to Congress today to drive home his message that winding down asset purchases won’t presage an increase in the Fed’s benchmark interest rate.
Submitted by Ron Paul via The Free Foundation blog, Last week Federal Reserve Chairman Ben Bernanke delivered what may well be his last Congressional testimony before leaving the Federal Reserve in 2014. Unfortunately, his farewell performance was full of contradictory comments about the state of the economy and the effects of Fed policies on the market. One thing Bernanke inadvertently made clear was that the needs of Wall Street trump Main street, the economy, and sound money.
The non-news of the day is Bernanke says scope for more Fed easing
Federal Reserve Chairman Ben Bernanke says there’s room for the central bank to take more action in responding to critical questions from a top lawmaker on Capitol Hill.