Bernanke: Fed Will Act to Boost Jobs

Chairman didn't list specific policies, but left little doubt he intended to
By Kevin Spak,  Newser Staff
Posted Aug 31, 2012 10:17 AM CDT
Bernanke: Fed Will Act to Boost Jobs
In this Aug. 7 file photo, Federal Reserve Chairman Ben Bernanke speaks to educators in the board room of the Federal Reserve in Washington.   (AP Photo/Manuel Balce Ceneta)

Ben Bernanke left little doubt today that the Fed would soon resort to yet more attempts to inject money into the economy. In a speech at Jackson Hole, Bernanke said unemployment was still "a grave concern" because it inflicts both "enormous suffering" on the people and "structural damage on our economy that could last for years," the Wall Street Journal reports.

"The Federal Reserve will provide additional policy accommodations as needed to promote a stronger economic recovery and sustained improvement in the labor market," Bernanke promised. Though he didn't announce any specific new action, or even a timetable for when that action might come, many analysts assume it'll be at the Fed's next policy-making committee meeting on Sept. 12-13, the New York Times reports. Benanke also defended the Fed's past asset-purchasing programs, saying they provided "economically meaningful" benefits, and that the costs "appear manageable." The markets liked the speech—the Dow was up about 140 points at 11am. (More Ben Bernanke stories.)

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