Is the Fed’s commitment to monetary expansion for the longterm?
*BusinessWeek, by Michael Wallace, February 24, 2009
“In his semiannual monetary policy report before the Senate Banking Committee on Feb. 24, Federal Reserve Chairman Ben Bernanke testified that downside economic risks remained the central bank’s primary focus, and that the Fed would continue to utilize ‘all tools at its disposal’ to limit the damage. While he endorsed recent Treasury proposals, including a public-private vehicle to dispose of toxic mortgage debt, he delicately side-stepped attempts to politicize the recent fiscal stimulus package.
The Fed’s concern appeared to shift to the globalization of the economic crisis, which may delay the eventual U.S. recovery. The Chairman argued for patience as the full scope of monetary and fiscal stimulus is implemented and reiterated that the Fed is prepared to purchase long-term Treasuries if that would help credit market conditions.”
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