Originally published on Fri August 31, 2012 8:49 am
Credit Ted S. Warren / AP
As the AP reads it, Federal Reserve Chairman Ben Bernanke stopped just short of "committing the Fed to any specific move, such as another round of bond purchases to lower long-term interest rates."
Bernanke gave a speech at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wy. today. As with all his speeches, it was being closely watched for signs on what the Federal Reserve would do next.
Mitt Romney's new running mate has authored some provocative policy proposals to cut budget deficits and overhaul Social Security, Medicare and Medicaid. But Rep. Paul Ryan has also been an advocate for a different course for the central banking system of the United States, the Federal Reserve.
For the past 35 years, the Fed has had a dual mandate from Congress: to set interest rates at levels that will both foster maximum employment and keep prices stable. Put another way, the Fed's goals are to get unemployment as low as possible while keeping inflation in check.
MONTAGNE: That's the indicator Fed Chief Ben Bernanke wants to see. Bernanke told a conference of economists last night that despite data pointing to a recovery, many people still feel stressed. He said the economic well-being of Americans is the Fed's ultimate objective - that is, the sense that things are going well.
"Economic growth appears poised to continue at a moderate pace over coming quarters," Federal Reserve Chairman Ben Bernanke is telling Congress this hour, and will be supported in part by additional "accommodative monetary policy" from the central bank.
While there's been a slowing in job growth, Bernanke says that Fed policymakers believe household spending has been "relatively well sustained" and are encouraged by "consumer spentiment [that is] ... up noticeably from its levels late last year."
Following up on one of the best rallies in months on Wednesday, stock index futures are pointing to a higher start today on Wall Street, Dow Jones Newswires says.
The Associated Press says there are "hopes that Europe is preparing to take action to tackle the region's financial crisis and that the Federal Reserve will consider additional support for the U.S. economy."