From Jackson Hole, Wyoming, the voice that we have all been waiting impatiently for days has come out. Ben Bernanke, chairman of the Federal Reserve, spoke but did not say what we all expected and the markets immediately reacted negatively (DowJones lost 1,5% and the Nasdaq 1%). (Read the text in the original language)
No quantitative easing, no QE3 or bond purchases. Bernanke spoke reassuring words, despite the downward revision of GDP growth. “The foundations of American growth are there, he said she,“ and the Fed will do everything possible to ensure growth ”. However, policy discussions on a possible liquidity injection are postponed until September. For two days, and not just one as planned, the Fed will "discuss more fully" whether or not to provide further stimulus.
“The Fed will continue to assess the economic scenario in the light of new information and stands ready to deploy all the tools at its disposal to promote a more vigorous recovery in an environment of price stability”.
Bernanke appealed to members of Congress asking them to carry out new maneuvers to consolidate the budget, underlining that their room for maneuver is greater than that of his institution.
Referring to the European debt crisis, the Fed Chairman said "he has confidence". According to Mr Bernanke "Europeans will do what needs to be done to get out of the crisis".
