Chairman of the United States Federal Reserve, Ben Bernanke addresses the first regularly scheduled press conference by the leader of the Federation after a meeting at the Federal Reserve in Washington Federation, April 27, 2011.
Credit: Reuters/Jason ReedBy Mark FelsenthalWashington | Friday April 29, 2011 3 Moon
Washington (Reuters)-the economy of the United States has not completely recovered from a deep recession, with housing still weighing on growth, Federal Reserve Chair Ben Bernanke said on Friday the Central Bank spelling of successful speech of United States studying lower income communities.
"Our economy is far from being where we want it to be," he said in comments prepared for a conference call.
The Federation earlier this week, said he sees the 600 billion dollar bond purchase program, launched in November-spur recovery, through to its conclusion planned at the end of June.
The world's largest economy grew at an annual rate of 1.8 percent in sluggish three months of the year, but unemployment is 8.8 percent.
Depressed housing market is holding back economic recovery, Bernanke said. Homework foreclosure stay high and many families find themselves owing more than their homes are worth.
"Of course, the housing market issues and are not related," he said.
Chairman of the Federation said the Federation research shows that loans to people, businesses, through a community development financial institutions can boost economic activity. That the business generates tax revenues that in turn the Government spending in ways that benefit these communities, he said.
"We are in the Federal Reserve will remain close to the economic health of nearby communities, including low-and moderate-income communities," said Bernanke.
With the rise of gas prices, inflation concern is some Federation pressure to increase the policy after the unprecedented measures the pressure, aggressive. The number of representatives of the Federation believe that the Central Bank should act quickly to pare its bloated balance sheet and other central banks worldwide have started to raise interest rates in response to price pressures.
However, the Federation made a statement at a press conference by Bernanke on Wednesday that the high jobless rate, with vast wealth lost, inflation levels still not much higher than the weekly Central Bank, has an immediate intention to withdraw support.
Bernanke said Friday the economy is recovering at a moderate, was "welcome, if gradual" improvement in the labor market.
(Editing by Neil Stempleman)
No comments:
Post a Comment