Bernanke Sees No Quick End in Sight for Joblessness Crisis
Speaking with ABC News’ Sam Donaldson yesterday, Federal Reserve Chairman Ben Bernanke described the recovery as “moderate-paced” and demurred on the
Jul 31, 2020204.2K Shares2.7M Views
Speaking with ABC News’ Sam Donaldson yesterday, Federal Reserve Chairman Ben Bernanke describedthe recovery as “moderate-paced” and demurred on the issue of whether there might be a double-dip, saying, “There seems to be a good bit of momentum in consumer spending and investment, so my best guess is that we’ll have a continued recovery.”
He also predicted that the unemployment rate will remain highly elevated. He said the Federal Reserve plans to raise interest rates before the economy hits full employment — echoing commentsmade by Dennis Lockhart, the president of the Federal Reserve Bank of Atlanta — but did not say when that process would start. “The unemployment rate is still going to be high for a while, and that means that a lot of people are going to be under financial stress,” Bernanke said.
Rhyley Carney
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