Today Federal Reserve Chairman Ben Bernanke in a speech to leading economists in Jackson Hole, Wyoming. We have interpreted the gibberish below. Federal Reserve Chairman Ben Bernanke said Friday that central bank policymakers will take a closer look next month on whether they should take additional short-term steps to jump-start economic growth.
In a much-anticipated speech to leading economists in Jackson Hole, Wyoming, the chairman announced that a one-day meeting of the Fed, originally set for Sept. 20, is being expanded to two days “to allow a fuller discussion” of what the central bank should do to respond to “disappointing” growth.
Translation: We have run out of ideas to spin this and we need more time to think of something
“The Federal Reserve will certainly do all that it can to help restore high rates of growth and employment,” he promised at the end of the speech.
Translation: Oh yeah QE3 is on the way but we have to prime the pump first
But Bernanke also cautioned its powers are somewhat limited, and said that much of the responsibility for action will have to lay with a gridlocked Congress.
Translation : The administration asked me to say this and join in on the blame game, and said it will set a course for the re-election campaign
“Most of the economic policies that support robust economic growth in the long run are outside the province of the central bank,” he said.
Translation: I am clueless
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