I found Ben Bernanke’s comments on the economic outlook, given last Wednesday (June 9), to be interesting.
Here are some excerpts, as published in this Wall Street Journal article of June 10:
“Federal Reserve Chairman Ben Bernanke offered guarded reassurances about the economy in testimony to the House Budget Committee Wednesday, saying a new recession is unlikely and that the Fed still expects the U.S. economy to grow at a 3.5% annual rate in the months ahead.”
“”Forecasting is very difficult and I make no promises in any particular direction,” he said, “but it appears to us that the recovery has made an important transition from being supported primarily by inventory dynamics and by fiscal policy toward a recovery being led more by private final demand.” Still, he added, a double-dip recession couldn’t be “entirely ruled out.””
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SPX at 1089.63 as this post is written