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Bernanke to Congress: Fed to Act if US Recovery Stalls

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July 22, 2010
The Federal Reserve stands ready to ease monetary policy further if the budding U.S. economic recovery withers, Fed Chairman Ben Bernanke said Wednesday, describing the outlook as “unusually uncertain.”

Policymakers, however, still expect growth to be sustained despite a recent softening in the economy, Bernanke said in congressional testimony, playing down the risk of renewed recession and the possibility of deflation.”We remain prepared to take further policy actions as needed to foster a return to full utilization of our nation’s productive potential in a context of price stability,” he told the Senate Banking Committee.

Nonetheless, Bernanke said the U.S. central bank was continuing “prudent planning for the ultimate withdrawal of monetary policy accommodation.”

This article was posted: Thursday, July 22, 2010 at 10:18 am

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