Reuters - Federal Reserve Chairman Ben Bernanke on Thursday hit back at critics of the U.S. central bank's controversial bond-buying program and issued a thinly veiled attack on China's policy of keeping its currency depressed.
Ben Bernanke proved Wednesday he was willing to finish what he started as he held his last press conference as chairman of the U.S. Federal Reserve.
More than one year after he initiated one of the most ambitious stimulus efforts since the financial crisis , Mr. Bernanke surprised markets by announcing that the Fed will taper its US$85-billion a month asset buying program by US$10-billion effective January. Most economists had predicted the Fed wouldn’t be tapering until at least March.
WASHINGTON — Federal Reserve Chairman Ben Bernanke on Monday defended the central bank’s aggressive easing of monetary policy, saying while it was aimed at bolstering the U.S. economic recovery, it was helping other countries as well.
The Fed’s asset-purchase programs, aimed at keeping long-term borrowing costs down and spurring investment, have been criticized overseas for their adverse impact on emerging market currencies.
WASHINGTON — Federal Reserve Chairman Ben Bernanke strongly defended the U.S. central bank’s bond-buying stimulus before Congress on Tuesday, saying its benefits clearly exceed possible costs.
The Fed chairman also urged lawmakers to avoid sharp spending cuts set to go into effect on Friday, which he warned could combine with earlier tax increases to create a “significant headwind” for the economic recovery.