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News : US Economy Last Updated: Aug 29, 2011 - 4:33 AM


Bernanke says Fed ready to deploy more tools to help US economy but no signal of imminent measures
By Finfacts Team
Aug 26, 2011 - 5:33 PM

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Grand Teton National Park, Wyoming.

Ben Bernanke, US Federal Reserve chairman, said Friday that the central bank is ready to provide further support to the weak US economy, but he didn't signal any new imminent measures.

The chairman was speaking in Jackson Hole, Wyoming, in the shadow of the majestic Grand Teton mountains, at the opening session of the  annual Fed symposium for central bankers.

“With respect to longer-run prospects, however, my own view is more optimistic,” Bernanke said in his prepared remarks. “The growth fundamentals of the United States do not appear to have been permanently altered by the shocks of the past four years.”

"The Committee will continue to assess the economic outlook in light of incoming information and is prepared to employ its tools as appropriate to promote a stronger economic recovery in a context of price stability," Bernanke said in reference to the policymaking Federal Open Market Committee (FOMC).

Earlier Friday, the Bureau of Economic analysis reported that the economy grew by an annualised rate of only 1% in April through June, down from the 1.3% rise that was previously estimated. That was after GDP increased by just 0.4% in the first quarter.

Bernanke was critical of fiscal policymaking  --  a responsibility of the president and the US Congress.

“The country would be well-served by a better process for making fiscal decisions,” he said, noting that the political battle over raising the debt-ceiling had disrupted the financial markets “and probably the economy as well.”

The chairman suggested a different process, involving “clear and transparent budget goals, together with budget mechanisms to establish the credibility of these goals.”

The Fed is operating in a charged political environment and last week, Rick Perry, Republican governor of Texas and 1988 Texas campaign manager for then Senator Al Gore, a Democrat, issued a stark warning to Bernanke.

“If this guy prints more money between now and the election, I don’t know what you all would do to him in Iowa, but we would treat him pretty ugly down in Texas,” Perry said of the possibility of another round of so-called quantitative easing in the money supply. 

Speech

Bernanke On Way to Give Speech:  Ben Bernanke,Federal Reserve chairman, makes his way to give a speech in Jackson Hole. Jean-Claude Trichet, ECB president is on his right:

Bernanke & the Markets: A check on the markets following Bernanke's speech and a look at how Hurricane Irene will impact markets and the economy, with Rod Smyth, Riverfront Investment Group; Robert McTeer, former Dallas Fed president; Joe Kinahan, TD Ameritrade; CNBC's Steve Liesman & Rick Santelli:

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