Bernanke Says Federal Reserve Will Act if US Economy Weakens
27 August 2010
Federal Reserve Chairman Ben Bernanke gave a speech Friday in Jackson Hole, Wyoming, at a yearly conference held by the central bank
This is IN THE NEWS in VOA Special English.
The United States central bank is prepared to take further actions to support the economy if conditions get a lot worse. Federal Reserve Chairman Ben Bernanke gave that message in a speech Friday in which he discussed possible steps.
These include buying more securities in an effort to push down longer-term interest rates and increase economic growth.
He spoke in Jackson Hole, Wyoming, where the Fed holds a yearly conference for central bankers and other international guests.
Mr. Bernanke says it is "reasonable" to expect some increase in economic growth starting next year. Stocks ended the day higher after his speech. It followed a number of reports this week that added to concerns about the slow speed of recovery from the recession.
On Friday, the Commerce Department lowered its estimate for the gross domestic product. GDP is the widest measure of the economy. It measures goods and services produced in the United States.
The latest report said the economy grew at an annual rate of one and six-tenths percent between April and June. That was less than the early estimate of two and four-tenths percent. Still, it was not as bad as many economists had predicted.
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