Bernanke Meets the Press in a First for US Central Bank
28 April 2011
Federal Reserve Chairman Ben Bernanke speaks during a news conference at the Federal Reserve in Washington, Wednesday, April 27, 2011
This is the VOA Special English Economics Report.
Central bankers have to choose their words carefully. So they often say little in public -- or little that makes sense. But the United States central bank says it is trying to be more clear and timely in communicating its policies.
The latest example: a press conference by Chairman Ben Bernanke. Wednesday's event was the first of its kind in the ninety-eight-year history of the Federal Reserve.
In his opening comments. Mr. Bernanke explained a decision by the Federal Open Market Committee to leave its main short-term interest rate near zero. The committee had just completed a two-day meeting.
BEN BERNANKE: "The committee continues to anticipate that the economic conditions -- including low rates of resource utilization, subdued inflation trends and stable inflation expectations -- are likely to warrant exceptionally low levels for the federal funds rate for an extended period."
In other words, the economy is not growing fast enough to worry about inflation. A reporter asked what an "extended period" means to the Fed. Mr. Bernanke said it suggests "a couple of meetings probably" but it all depends on the economy.
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