September 13, 2012 |
WASHINGTON -- Federal Reserve Chairman Ben S. Bernanke said "grave concern" about the nation's high unemployment rate led the central bank to launch another round of stimulus, and that the aggressive open-ended program underscores a commitment to the economic recovery. "We've seen not enough jobs growth to bring down the unemployment rate, and what we need to see is more progress," Bernanke said. The Fed would continue with its stimulus "until we do," he said. "We're just trying to get the economy moving in the right direction, so we don't stagnate at high levels of unemployment," Bernanke said Thursday at his quarterly news conference, which followed the Fed's announcement of its new stimulus effort.
May 28, 2013 |
WASHINGTON -- With the Federal Reserve playing an over-sized role in the U.S. economy, Wall Street investors are keenly interested in who will be the central bank's next chairman when Ben S. Bernanke's term expires in January. The Fed's No. 2 official, Janet L. Yellen, long seen as Bernanke's heir apparent, is considered the favorite to succeed him. But an even better-known economist could get the nod from President Obama: Lawrence Summers . Despite a "deep bench" of candidates, Financial Times columnist Edward Luce is betting on Summers, a former Treasury secretary who served as Obama's top economic aide from in 2009 and 2010.
March 20, 2013 |
WASHINGTON -- Federal Reserve Chairman Ben S. Bernanke said Wednesday that the central bank might gradually ratchet back its stimulus efforts if the labor market continues to improve, before completely pulling the plug on the unprecedented effort. The Fed has said it would continue purchasing $85 billion in bonds until there is substantial improvement in the labor market. Federal Reserve policymakers said Wednesday that moderate economic growth has returned after a slowdown at the end of last year and the employment situation has improved.
November 20, 2012 |
WASHINGTON -- Federal Reserve Chairman Ben S. Bernanke said Tuesday that President Obama and Congress must shield the fragile economy from the full brunt of the so-called fiscal cliff or risk another recession just as the recovery is taking hold. Speaking at the New York Economic Club, Bernanke warned that the Fed doesn't have the tools left to offset the one-two punch of significantly higher taxes and sharply reduced government spending set to begin in January. "Coming together to find fiscal solutions will not be easy, but the stakes are high," Bernanke said.
March 1, 2011 |
Federal Reserve Chairman Ben S. Bernanke said a sustained rise in prices for oil and other commodities would threaten the economic recovery, but that even with the turmoil in the Middle East he did not expect higher prices would create inflation problems in the United States. "The most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in U.S. consumer price inflation," Bernanke said in testimony Tuesday before the Senate Banking Committee.
September 3, 2010 |
Federal Reserve Chairman Ben S. Bernanke said Thursday that there was no way for the government to rescue Lehman Bros. from failure in 2008 without a huge loss of taxpayer money, and that he should have been "more straightforward" when explaining the decision to Congress shortly afterward. Appearing before the federal panel investigating the financial crisis, Bernanke said his vague congressional testimony less than two weeks after Lehman's collapse had helped feed what he called a myth that the investment bank could have been saved.
July 22, 2010 |
The Federal Reserve may try to push borrowing costs even lower if the job market continues to languish, Fed Chairman Ben S. Bernanke said Thursday, offering a hint of what might trigger additional monetary easing. After three quarters of solid growth, the U.S. economy has been losing steam, with firms still reluctant to hire and the housing sector seemingly unable to exit a prolonged rut. Bernanke's comments accompanied Labor Department data Thursday showing that new claims for state unemployment benefits jumped to 464,000 last week.
June 20, 2012 |
WASHINGTON -- Federal Reserve Chairman Ben S. Bernanke said the central bank was hoping for the best concerning the European debt crisis but was ready to step in with more forceful action if needed. "We are hoping for the best ... but we are prepared in case things get worse to protect the U.S. economy and the U.S. financial system," Bernanke told reporters Wednesday. He defended the move by the Federal Open Market Committee on Wednesday to extend a program designed to lower long-term interest rates, a modest step in the face of slowing growth in the U.S. and abroad.
June 19, 2013 |
WASHINGTON -- A difficult task awaits Federal Reserve Chairman Ben S. Bernanke when he faces the TV cameras Wednesday in his quarterly news conference. He has to try to reassure investors, analysts and politicians that the central bank has a plan for scaling back its unprecedented efforts to boost the economic recovery. At the same time, Bernanke will have to be vague about exactly what that plan involves to avoid boxing in himself and his Fed colleagues as they try to exit from their controversial stimulus policies without damaging the recovery.
September 1, 2012 |
WASHINGTON - Federal Reserve Chairman Ben S. Bernanke gave a spirited defense of Fed policies and left little doubt that the central bank was preparing new stimulus for the economy - an action that could roil Republicans and GOP presidential nominee Mitt Romney since it would probably occur in the heat of the general election. Speaking on the morning after Romney's nomination address, which focused on the sluggish economy, Bernanke expressed his dissatisfaction with the weak recovery and in particular with what he described as the "painfully slow" improvement in the job market.