Bernanke offers no hint of pullback in Fed stimulus
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The Federal Reserve's monetary stimulus is helping the U.S. economy recover but the central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday.
In testimony that offered no sign that he is ready to retreat from the Fed's latest round of bond buying, Bernanke emphasized the high costs of unemployment and inflation that continues to run below the Fed's target.
"Monetary policy is providing significant benefits," Bernanke told the congressional Joint Economic Committee, citing strong consumer spending on autos and housing, as well as increases in household wealth.
"Monetary policy has also helped offset incipient deflationary pressures and kept inflation from falling even further below the (Fed's) 2 percent longer-run objective."
Bernanke's remarks helped lift U.S. stock prices and further drove up prices for U.S. government bonds.
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