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Bernanke comments on economy, Fed involvement
Friday, June 08, 2012
Although less-than-optimistic job growth figures have led some economists to believe another round of federal stimulus was on the way, Federal Reserve chairman Ben Bernanke announced there will be no imminent steps to help the economy.
Bernanke acknowledged that the debt crisis currently enveloping Europe does pose a risk to the U.S. financial markets, and he also said the unemployment rate remains at 8.2 percent and the Fed may step in should the situation get worse.
"As always, the Federal Reserve remains prepared to take action as needed to protect the U.S. financial system and economy in the event that financial stresses escalate," Bernanke told the Joint Economic Committee.
Meanwhile, the May 2012 National Housing Survey from Fannie Mae revealed that consumer confidence in the economy reached an all-time high for the month at 38 percent. Also, 46 percent of the survey's respondents said they expect their personal finances to stay the same over the next year.
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