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Ben Bernanke: US Faces “Unusually Uncertain” Prospects

HeadlineJul 22, 2010

Stocks fell on Wednesday after Federal Reserve Board chair Ben Bernanke told Congress the US economy faces “unusually uncertain” prospects.

Ben Bernanke: “Of course, even as the Federal Reserve continues prudent planning for the ultimate withdrawal of extraordinary monetary policy accommodation, we also recognize that the economic outlook remains unusually uncertain. We will continue to carefully assess ongoing financial and economic developments, and we remain prepared to take further policy actions as needed to foster a return to full utilization of our nation’s productive potential in a context of price stability.”

During his remarks to Congress, Ben Bernanke also warned against cutting government spending.

Ben Bernanke: “The large deficits, as unattractive as they are, are important for supporting economic activity, and they were important also in restoring financial stability, and so I think they were justified in that respect, and I would be reluctant to withdraw that support too precipitously in the near term.”

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