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Fed Waiting for Godot
Testifying before the Senate Banking Committee today, Fed Chairman Bernanke did not move closer to fresh stimulus than his position in previous public comments including last month’s post-FOMC press conference. Policymakers are prepared on a conditional basis to adopt further options, including perhaps a third round of quantitative easing, and the trigger for such action would be a failure of the U.S. economy to improve. This puts the FOMC in a waiting mode, but the time and size dimensions of that trigger have not been revealed. In all likelihood, that information hasn’t been precisely quantified even internally ... (full story)
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