Federal Reserve Chairman Ben Bernanke Tuesday signaled a readiness to lower
interest rates in a dramatic shift to support an economy battered by a
financial crisis of "historic dimension."
J. Scott Applewhite
Federal Reserve Chairman Ben Bernanke
Recent economic data and financial developments show that the outlook for
growth has worsened and downside risks to growth have gained, Bernanke said in
remarks to the National Association for Business Economics. The outlook for
inflation, while still uncertain, has improved somewhat as oil and other
commodity prices have eased, he said.
"In light of these developments, the Federal Reserve will need to consider
whether the current stance of policy remains appropriate," Bernanke said.
In opening the door to rate cuts, Bernanke is departing from the view he and
other Fed officials had expressed until recently that lower rates would likely
have little effect in boosting economic activity while credit markets are
frozen.
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