2014 Economic Calendar
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Chair Speech
Released On 1/16/2014 11:10:00 AM For 1/16/2014 11:10:00 AM

Description
Outgoing Federal Reserve Chair Ben Bernanke conversation on challenges facing central banks, in Washington.

Highlights
Fed Chairman Ben Bernanke reflected on the past financial crisis and Fed and Treasury actions to resolve the crisis and bring the economy out of recession. Bernanke noted that lending by the Fed and capital injections helped to ease the financial crisis. The Fed chief stated that the Lehman outcome could not have been avoided even if TARP had been available earlier. On current monetary policy, Bernanke's comments suggested that taper will be gradual. He said that a great number on the FOMC do not think that QE is ineffective. He sees inflation as not a significant risk currently. However, the Fed chief also acknowledged that the main risk of asset purchases is financial instability. He also sees insufficient monetary accommodation as a risk to financial stability. Bernanke stated that the risk of long-term unemployment is a reason for aggressive monetary policy. He expects economic growth to eventually return to the pre-crisis growth path.


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