FIGHT-THE-BANK: Fed Lowers Its Forecast for Growth, but Takes No Steps --- Nov-02-2011

Wednesday, November 2, 2011

Fed Lowers Its Forecast for Growth, but Takes No Steps --- Nov-02-2011

Fed Lowers Its Forecast for Growth,

but Takes No Steps

Federal Reserve Chairman Ben S. Bernanke at a news conference in Washington,

Nov-02-2011-- The Federal Reserve significantly reduced its forecast of economic growth over the next two years, the latest in a long series of acknowledgements that the recovery from the 2008 financial crisis is taking much longer than it had expected.

“We have taken a lot of actions.

"Let me be very clear that the Federal Reserve’s monetary policy is highly accommodative now,” He also drew a contrast between the Fed’s actions and the performance of Congress and the president in addressing the nation’s unemployment crisis.

“I think it would be helpful if we could get assistance from other parts of the government to help create more jobs,”

Mr. Bernanke said.

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