Bernanke said# Stock
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- his tone on the long term economic outlook was a lot more upbeat than many
expected - he left the door open for more stimulus coming September
- he tried to install confidence in the market by not saying too much about
further easing but leaving the door open, which seems to be working
Mr. Bernanke said the U.S. recovery, now more than two-and-a-half years old,
continues to be "modest." He conceded the pace of growth has been slower th
an what the Fed expected. But he was more optimistic about the long run, say
ing the economy hasn't been permanently scarred by the financial crisis.
"Although important problems certainly exist, the growth fundamentals of the
United States do not appear to have been permanently altered by the shocks
of the past four years,"
U.S. banks are much healthier now, manufacturing has risen 15% since its tro
ugh and households have made progress in repairing their balance sheets, Mr.
Bernanke noted. Still, he warned that financial stress continues to be a si
gnificant drag on the recovery both in the U.S. and abroad.
Mr. Bernanke said he expects inflation to settle at or below a 2% rate follo
wing the moderation in the price of oil and other global commodities.
Mr. Bernanke said Fed policy can't do much for the economy's long-run trend
and urged Congress to fix the budget deficit in a way that doesn't hinder th
e economy. He said the U.S. needs a better fiscal decision-making progress.
expected - he left the door open for more stimulus coming September
- he tried to install confidence in the market by not saying too much about
further easing but leaving the door open, which seems to be working
Mr. Bernanke said the U.S. recovery, now more than two-and-a-half years old,
continues to be "modest." He conceded the pace of growth has been slower th
an what the Fed expected. But he was more optimistic about the long run, say
ing the economy hasn't been permanently scarred by the financial crisis.
"Although important problems certainly exist, the growth fundamentals of the
United States do not appear to have been permanently altered by the shocks
of the past four years,"
U.S. banks are much healthier now, manufacturing has risen 15% since its tro
ugh and households have made progress in repairing their balance sheets, Mr.
Bernanke noted. Still, he warned that financial stress continues to be a si
gnificant drag on the recovery both in the U.S. and abroad.
Mr. Bernanke said he expects inflation to settle at or below a 2% rate follo
wing the moderation in the price of oil and other global commodities.
Mr. Bernanke said Fed policy can't do much for the economy's long-run trend
and urged Congress to fix the budget deficit in a way that doesn't hinder th
e economy. He said the U.S. needs a better fiscal decision-making progress.