Bernanke: No Further Immediate Easing

August 31, 2012 04:12 AM
 

Federal Reserve Chairman Ben Bernanke's highly anticipated speech from the summit in Jackson Hole Wyo., reiterated his positions the Fed stands ready to provide help, but did not announce a fresh stimulus package dubbed "QE3."

"Over the past five years, the Federal Reserve has acted to support economic growth and foster job creation, and it is important to achieve further progress, particularly in the labor market. Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability," he said in his concluding remarks.

"The odds are strong that the Fed's asset purchases will make money for the taxpayers, reducing the federal deficit and debt," Bernanke said. "And, of course, to the extent that monetary policy helps strengthen the economy and raise incomes, the benefits for the U.S. fiscal position would be substantial."

But Bernanke also hinted QE3 could be coming, by reiterating the Fed's willingness to "provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability."

Link to full remarks.


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