It was U.S. Federal Reserve Chairman Ben Bernanke’s tone on recent developments that was most pessimistic.
U.S. Federal Reserve Chairman Ben Bernanke played killjoy, delivering a pessimistic assessment of the nation’s economic condition in his semi-annual address to the House of Representatives.
“The recovery of the U.S. economy continues, but the pace of expansion has been uneven and modest by historical standards,” Bernanke said in a considerably more guarded tone than recent statements from central bank peers.
While Bernanke didn’t present Congress with any substantially new information, his predictions of the growth prospects for U.S. economic activity placed him squarely in the lower-range of economic forecasters.
Further, his presentation appeared designed to justify more monetary intervention, but skirted around making concrete proposals for future monetary loosening, which many in the market were expecting.
Click here to read the complete article.
Source: Eleazar David Melendez | International Business Times