New York, July 19 (FinanceEnquiry.com) – On Tuesday, Federal Reserve Chairman Ben Bernanke did not provide any concrete hints on whether a fresh round of monetary stimulus would be initiated by the US central bank. He told the Senate Banking Committee that a stagnant jobs market, anxiety over the European debt crisis and the path of the US fiscal property were holding back the economic recovery. He informed lawmakers that the Federal Reserve was considering several tools that it can use to help the economy but he did not reveal the exact nature of what to expect.
Bernanke reiterated the stand of the committee at its June meeting that further action will be taken to arrest the slow pace of progress in reducing unemployment and the downside risks to economic growth. Investors were waiting with baited breath for Bernanke to signal that the central bank was nearing the announcement of a third round of bond purchases, or Q3 to boost the economy.
A market analyst said that the market was waiting for an imminent policy action from the Fed but that was not to be. US share prices initially dropped because of the disappointment but they soon clawed back to close up on the day mainly because of better-than-expected profit forecasts from Coca-Cola (NYSE: KO) and Goldman Sachs (NYSE: GS). Prices of US government debt dropped.
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