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News Now

Washington
Bernanke Fed will exit markets when ready
WASHINGTON (3/26/10)--Speaking before the House Financial Services Committee on Thursday, Federal Reserve Chairman Ben Bernanke said that while “the economy continues to require the support of accommodative monetary policies,” the Fed has been working to ensure that it has “the tools to reverse, at the appropriate time, the currently very high degree of monetary stimulus.” “We have full confidence that, when the time comes, we will be ready to do so,” he added. The Fed has terminated or is phasing out many of the “special lending facilities” that were established to “stabilize the financial system and encourage the resumption of private credit flows to American families and businesses” in the wake of the recent financial market destabilization. The closure of the Feds “emergency lending facilities” and many “adjustments to the terms of discount window loans” are in response to “the improving conditions in financial markets,” Bernanke said, and “they are not expected to lead to tighter financial conditions for households and businesses and hence do not constitute a tightening of monetary policy, nor should they be interpreted as signaling any change in the outlook for monetary policy.” However, Bernanke added, the Fed will “tighten” some “monetary conditions to prevent the development of inflationary pressures.” For Bernanke’s full testimony, use the resource link.
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