Weekend Effect Stocks
Weekend Effect Stocks
Big Ben Jawbone: Talk Works for the Weekend
Federal Reserve Chairman Ben Bernanke said Friday that the Fed will consider making another large-scale purchase of securities if the slowing economy were to deteriorate significantly and signs of deflation were to flare. The Fed chief offered his most extensive thoughts yet on how to pull the U.S. economy out of a deepening slump. His remarks came 90 minutes after the government said the economy slowed sharply in the second quarter to a 1.6 percent pace.
Fears are growing that the country could lapse back into a recession. Bernanke described the economic outlook as “inherently uncertain” and said the economy “remains vulnerable to unexpected developments.”
Bernanke stopped short of committing to any specific action. But he raised the prospect of another Fed purchase of securities, most likely government debt or mortgage securities, to drive down rates on mortgages and other debt to spur more spending by Americans.
“I believe that additional purchases of longer-term securities should the FOMC choose to undertake them, would be effective in further easing financial conditions.” he said. The FOMC stands for the Federal Open Market Committee, the group of Fed policymakers that makes decisions on interest rates and other steps to aid the economy.
The other two options he laid out are:
–Providing more information in the Fed’s post-meeting policy statements about how long Fed policymakers would continue to keep rates at record lows. For more than a year, the Fed has been pledging to hold rates at ultra-low levels for an “extended period.”
— Cutting to zero the interest the Fed pays for banks to keep money parked at the Fed. That rate is now 0.25 percent.
“The issue at this stage is not whether we have the tools to help support economic activity and guard against disinflation. We do,” Bernanke said. “The issue is instead whether, at any given juncture, the benefits of each tool, in terms of additional stimulus, outweigh the associated costs or risks of using each tool.”
For more information visit http://www.worldmarketmedia.com/779/section.aspx/2297/post/big-ben-jawbone-talk-works-for-the-weekend
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