Testimony by Ben Bernanke

2008-02-28 15:42:07 (GMT) (Caymanmama.com - Business News)

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For Ben Bernanke, Chairman Federal Reserve, running central bank have become progressively more challenging hire wire balancing act, reported CNN money. On Wednesday the Wall Street was looking out at the chairman of Fed while he headed to the Capitol Hill for outlining the challenges of trio that the Fed was facing that include economy at the risk of falling down into recessions, confused financial markets and increasing jeopardy of inflation.

“We do face a difficult situation,” told Bernanke to the House members of House Financial Services Committee, smearing the initial day of his two days semi-annual trial on the monetary policy of Fed. “The challenge for us is to balance those risks and decide at any given time which is more serious.”

The prepared testimony of Bernanke as well as his comments towards the lawmakers, strained that the market remained primary concern of Central Bank and said “downside risks to growth remain.”

Initially the markets turned much higher subsequent to the liberated testimony as the read signals of investors that Fed was organized in order to continue the cutting rates, but it is essential to encourage the economy.

But the comments by Bernanke were in the line with recent economic outlook of Fed as well as the remarks that he delivered together with Henry Paulson Treasury Secretary before Senate Panel just about some weeks ago.

Scott Anderson who is superior economist at the Wells Fargo said “I don’t think he broke a lot of new ground. He stuck very close the Fed’s forecast and outlook for the economy.”

Bernanke said “Homebuilders, still faced with abnormally high inventories of unsold homes, are likely to cut the pace of their building activity further, which will subtract from overall growth and reduce employment in residential construction and closely related industries.”

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