rssWarning of Economic Distress, Bernanke Says Fed Will Do Nothing Yet
Wednesday, July 21, 2010 at 3:17 pm
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Today and tomorrow, Ben Bernanke, the chairman of the Federal Reserve, is delivering his twice-yearly Monetary Policy Report to Congress and taking questions — today from the Senate Banking Committee, tomorrow from the House Financial Services Committee.
Bernanke’s prepared testimony is more cautious than his last, given in February. He says it will take “a significant amount of time” to restore the millions of jobs lost in the recession, and says “the economic outlook remains unusually uncertain.” He nevertheless says that the recovery is “proceeding at a moderate pace,” though job growth is still “insufficient to reduce the unemployment rate materially” and joblessness in general remains an “important drag on household spending.” He noted that since February, the Federal Reserve has revised down its estimates of job growth and believes unemployment will remain high for longer than thought, also noting the troubling plight of the long-term unemployed.
Despite his warnings on the state of economy, Bernanke said the Fed will not engage in any expansionary policy at the time: “We will continue to carefully assess ongoing financial and economic developments, and we remain prepared to take further policy actions as needed to foster a return to full utilization of our nation’s productive potential in a context of price stability.”
Other economists are calling on the Federal Reserve to be more proactive in ginning up the economy and reducing joblessness.
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28 Comments
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Comment posted July 22, 2010 @ 1:16 am
Very interesting commentary, the full monetary report is now available for those who are interested.
Comment posted July 22, 2010 @ 2:27 am
Reserve to be more proactive in ginning up the economy and reducing joblessness.
Pingback posted July 22, 2010 @ 4:54 am
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Pingback posted July 22, 2010 @ 6:59 am
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Comment posted July 22, 2010 @ 8:02 am
When the private sector fails, the public sector must pick up the slack or we enter a downward spiral into collapse.
Comment posted July 22, 2010 @ 9:10 pm
You know, I heard part of his testimony today and I got the sense that he was real concerned with the lack of improvement and that in part that was do to the government's inability to scale it's spending back.
Comment posted July 22, 2010 @ 9:53 pm
Fed Will Do Nothing Yet, come on this is an election year… you have to prove something to the voters! Do nothing seems to be what Washington does best!
Pingback posted July 23, 2010 @ 4:29 am
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