• US economy still far from where we would like it to be, may be some time before Fed policy turns normal
  • Agrees with Yellen that surest path to more normal monetary policy is to do all we can to promote robust recovery
  • Fed still expect labor market to continue to improve, inflation to move toward 2% goal over medium term
  • If these views supported by incoming data, Fed will likley to begin to moderate pace of bond buying
  • Assett purchases not on a pre-set course, pace of buying contingent on Fed’s economic outlook
  • Fed will take efficacy and costs of bond buying into account
  • Rates may stay near zero for considerable time after bond buys end, perhaps well after unemployment falls below 6.5%, so long as inflation remains well behaved
  • Since September meeting financial markets now more consistent with Fed’s forward guidance on rate hikes

Bernanke in New York

I had this speech scheduled for 0000GMT, as did every source I’ve seen … maybe I just got an early leak LOL (joke).

Nothing of surprise in his dovish comments – though is it just me or does he seem to be more forthright in his views now the end of his chairmanship is within sight?

Link to full text;

Chairman Ben S. Bernanke
At the National Economists Club Annual Dinner, Herbert Stein Memorial Lecture, Washington, D.C.
November 19, 2013

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ADDED: Bernanke responding during the Q&A