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US Geithner: Fin Crisis Hangover Dampening Mon Pol Impact
U.S. Treasury Secretary Timothy Geithner Thursday evening said the lingering effects of the financial crisis are preventing the Federal Reserve’s low interest rate policy from having a greater economic impact. And Geithner argued strenuously against near-term reductions in federal deficit spending, saying that fiscal reform needs to be more long-term in nature. On the contrary, he said there is a “compelling need for additional action” by Congress to spur economic growth. The Treasury Secretary said he is “encouraged” by improvements in the economy but said there are “tough challenges” ahead in prepared ... (full story)