Ben Bernanke
Ben Bernanke says declines in home prices have forced many Americans to cut back sharply on spending warns that the trend could continue to weigh on the economy for years. The Federal Reserve chairman drew the connection between home values and consumer spending, which fuels 70 percent of economic activity, on Friday during a speech to the National Association of Home Builders in Orlando.
The Federal Reserve went further than ever Wednesday to assure consumers and businesses that they'll be able to borrow cheaply well into the future.
The Fed pushed back the earliest date for any likely increase in its benchmark interest rate by at least a year and a half, until at least late 2014. It said record-low rates are still needed to help boost an improving but still sluggish economy.
In a major shift, the Federal Reserve will start updating the public four times a year on how long it plans to keep short-term interest rates at record lows, according to minutes from its December policy meeting. The first forecast will be included in the central bank's economic projections after its Jan. 24-25 meeting, the minutes said.
The Federal Reserve says the economy has grown moderately as hiring and consumer spending have improved. As a result, it's holding off on any new steps to boost the economy. But Fed officials, noting that unemployment remains high and global economic growth has slowed, left open the possibility of taking new steps next year if the economy worsens.
The Federal Reserve under Ben Bernanke has gone further than ever to explain its policies to the public. It's ready to go further still. A Fed policy meeting Tuesday will likely focus in part on an evolving plan to reveal the direction of interest rates more explicitly.
The Federal Reserve is holding off on any new actions to help the economy because stronger growth is giving it time to gauge the impact of steps it's already taken. Fed policymakers made the announcement after a two-day meeting.
Recovering Financially (and Emotionally) From Long-Term Unemployment
8:30AM 10/07/2011
Recovering financially after long-term unemployment isn't easy, but it's fairly straightforward: Pay off debts, rebuild savings, and adjust to your new income. Recovering emotionally is far more complicated -- it means retraining your brain and consciously shifting your perspective.
Bernanke Says Economic Recovery Close to Faltering
11:17AM 10/04/2011
Federal Reserve Chairman Ben Bernanke says the economic recovery "is close to faltering" and the central bank is prepared to take further steps to support it.
After Ben Bernanke pulled a trick from the 1960s Fed handbook to twist down long-term interest rates, experts are mixed on how it will affect the U.S. economy. Wall Street reacted negatively to the news. The Dow fell 284 points.
Fed chief Ben Bernanke proposed no new steps to boost the economy during his highly anticipated Jackson Hole speech Friday. But he did hint that Congress may have to step in to stimulate hiring and growth.
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