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July 18, 2012

Bernanke keeps remarks on stimulus generic

WASHINGTON (UPI) -- U.S. Federal Reserve Chairman Ben Bernanke left out specifics Tuesday but said the central bank was prepared to take further steps to stimulate the economy.

The remarks on extra stimulus were brief and generic, but turned a slump in equity markets around, anyway, as stocks on three major Wall Street indexes turned from declines to advances in late-morning trading.

Bernanke noted the economic recovery has slowed to a crawl since early in the year. "The U.S. economy has continued to recover, but economic activity appears to have decelerated somewhat during the first half of this year," he said to members of the Senate Banking Committee in remarks prepared for a semi-annual report.

The economy had added jobs at a rate of 200,000 per month in the later part of 2011 and early in the year, but that "shrank to 75,000 per month during the second quarter," he said.

Bernanke had been expected to tell lawmakers the Fed was poised to embrace new stimulus measures without saying when, economists said in advance of the chairman's testimony.

But the chairman only went as far as to say, "Reflecting its concerns about the slow pace of progress in reducing unemployment and the downside risks to the economic outlook, the [Fed's] Open Market Committee made clear at its June meeting that it is prepared to take further action as appropriate to promote a stronger economic recovery."

Minutes of the Fed's June meeting, released last week, indicated "a few" of the 12 officials who vote on Fed policy thought quantitative easing and other stimulus measures "likely would be necessary to promote satisfactory growth." Several others said they would consider such steps only if economic conditions deteriorated, the minutes indicated.

The Fed announced after its June 19-20 meeting it would continue until year's end an effort to reduce business and consumer borrowing costs by rearranging its portfolio.

Comments :


As far as I am concerned, lnoikog at several charts in comparison, in early October, 2011, a stealth form of QE3 already began. There is no other way to prop up current market values other than providing liquidity at everyone's expense, allowing banks to continue to abuse the play money they get every time they cry they are in trouble, mainly due to their own misconduct. The only tool they have is easing, and now with the ECB full tilt into their own QE in the EU zone, the outcome will be the same long term...failure. But the markets do not care about that, wall street casino must have easing to survive, and this is called artificial prices, not based upon earnings or company stability, only easing so the facade continues. But in my opinion, QE whatever they want to call it began a few months ago, and when the effects of this wear out, wall street will scream for MORE simply by allowing a correction assisting to force the feds hand to go all out. Handwriting is on the wall for anyone paying attention. Their actions cannot and will not create jobs/growth of any kind other than for the institutions who scream the loudest and get to repeat the financial abuses. The entire stimulus scam has near run its course, but they can continue this circus longer than we think they can, but at some point, the inevitable conclusion must happen. Break down that will make 2007 - 2008 look like a stroll in the park and will catch market participants off guard and shock them when reality hits. Western powers only know one thing...throw money no matter how its created at any problem, and it will go away. It is this sick mentality that has ruined and polluted markets, making them more of an illusion than they already were. Bubbles all over the place, and wall street loves it so.


You have the monopoly on useful inonimatrfn-areo't monopolies illegal? ;)


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