Thu, Feb 28, 2013 - Page 15 News List

Bernanke stands behind Fed’s monetary stimulus

MINIMAL RISK:Testifying to the US Senate, the central banker said the risk of adverse effects caused by the Fed’s monthly purchase of US$85 billion in bonds was immaterial

Reuters, WASHINGTON

“The Congress and the administration should consider replacing the sharp, frontloaded spending cuts required by the sequestration, with policies that reduce the federal deficit more gradually in the near term, but more substantially in the longer run,” Bernanke said.

The US economy braked sharply in the fourth quarter, but is forecast to grow about 2 percent or more this year. The unemployment rate has remained elevated and registered 7.9 percent last month.

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