Fed Bernanke speech feb 7 2012 : Federal Reserve Chairman Ben S. Bernanke repeated that the job market is still far from healthy after signs of economic improvement over the past year, and he called on lawmakers to reduce the long-term budget deficit. When Bernanke testifies to the Senate Budget Committee, economists expect no shifts in the Fed's efforts to bolster the recovery. They say Bernanke's tone might be slightly more upbeat than when he spoke Thursday to House members. But they expect him to reiterate the Fed's plan to keep a key interest rate at a record low near zero until at least late 2014.
The super-low rates are meant to encourage consumers and businesses to borrow and spend and further strengthen the economy.
Analysts also expect Bernanke to hold out the possibility that the Fed might launch another round of bond purchases later this year if the economy needs more support. Such purchases are intended to further drive down long-term rates.
Bernanke : 'Modest Increase' In Long-Run Level Of Unemployment
Federal Reserve Chairman Ben Bernanke said there has been a "modest increase" in the long-run sustainable average of U.S. unemployment, noting this was a cause of concern for monetary-policy officials.
Bernanke made the comments before the Senate Budget Committee Tuesday. In his opening remarks to the panel, the Fed chief said the current estimate of the longer-run normal rate of unemployment is between 5.2% and 6%.
He told lawmakers that, to a large extent, the economic recovery in the U.S. has been led by the manufacturing sector.
Bernanke said that in order to continue to ensure the U.S. maintains its lead in higher-end manufactured goods, open trade relationships must be encouraged.
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