Bernanke Stays Quiet

The federal reserve chairman Ben Bernanke had little to say regarding his commitment to extended action against a still stagnant US economy, more specifically job growth. While he defended actions taken after learning of the Libor scandal in 2008, Bernanke suggested that the fed was still looking at the state of the economy before making any serious action and renewed his warnings that the current policy focused on fiscal austerity could lead to a measured increase in the duration of the current recession.

While a panel of senators demanded reasons as to why the fed did not publicize the Libor scandal, Bernanke responded by detailing the fact that the neccessary agencies did know of the scandal and the event was in fact heavily reported on at the time. General opinion seems to be that the fed will begin to make more committed action regarding the economy sometime in the next few months.

Source: The New York Times

About The Author