The Federal Reserve is ready and willing to pour more money into the economy if it has to, Ben Bernanke told Congress today. “The possibility remains that the recent economic weakness may prove more persistent than expected … implying a need for additional policy support,” Bernanke said. “The Federal Reserve remains prepared to respond.”
The comments were Bernanke’s first since June’s ugly jobs report, reports Bloomberg. Bernanke called the report “disappointing,” but attributed it to temporary issues like the spike in energy prices. “Once the temporary shocks that have been holding down economic activity pass, we expect to again see the effects of policy accommodation reflected in stronger economic activity and job creation,” he said. Stocks climbed on the statement, with the Dow up about 150 points at midday.