Prisonplanet comment: Which “recovery” would this be?
Pedro da Costa and Mark Felsenthal
October 4, 2011
The Federal Reserve is prepared to take further steps to help an economic recovery that is “close to faltering”, Fed Chairman Ben Bernanke said on Tuesday.
Citing anemic employment, depressed confidence and financial risks from Europe, Bernanke urged lawmakers not to cut spending too quickly in the short term even as they grapple with trimming the long-run budget deficit.
He also made clear the Fed — the U.S. central bank — stands ready to ease monetary conditions further following its launch of a new stimulus measure in September.
“The (Fed’s policy-setting Open Market) Committee will continue to closely monitor economic developments and is prepared to take further action as appropriate to promote a stronger economic recovery in the context of price stability,” Bernanke told the Joint Economic Committee of Congress.