Bernanke Makes History with First Press Conference

No other Fed chairman in the 98-year history of the nation’s central bank has done this.

Money_TreeFed Chairman Ben Bernanke offered a stoic presence in a room filled with more than 50 reporters and dozens of cameras, confidently fielding more than 18 questions during the hour-long news conference.

Bernanke’s opening remarks focused on underlining the Fed’s post-meeting statement, which predicted a continued moderate improvement in the economy with slow jobs growth despite rising oil prices and continued challenges in the housing market.

Bernanke fielded a question about the recent S&P notice that the U.S. could face a ratings downgrade for government-issued securities if the nation’s budget problems are not addressed. Bernanke said that the credit rating agency’s actions might be a good thing in that it could prompt the Obama administration and Congress to deal with the long-term fiscal problems the government faces.

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Source: Daniel Arnall | ABC News