Skip to: Content
Skip to: Site Navigation
Skip to: Search
WEDNESDAY, NOVEMBER 25, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


0

Housing Still a Drag: Fed Chief

Setbacks likely, says Bernanke, who offers no hints on interest rate status

Share

(Newser) – The real estate slump will continue to be a "significant drag" on US economic growth well into next year, said Federal Reserve Chairman Ben Bernanke in his first speech on the economy since August. Recovery from the credit crisis will take time, and setbacks are likely, Bernanke told the Economic Club of New York, Bloomberg reports.

Bernanke offered few clues about whether the Fed will lower interest rates again at their next meetings in two weeks. "He wasn't giving anything away," said an investment company executive. Bernanke would only say that the Fed "will continue to watch the situation closely and act as needed to foster sustainable economic growth and price stability."

Federal Reserve System Chairman Ben Bernanke addresses a dinner meeting of the Economic Club of New York Monday, Oct. 15, 2007 in New York. (AP Photo/Jason DeCrow)
Federal Reserve System Chairman Ben Bernanke addresses a dinner meeting of the Economic Club of New York Monday, Oct. 15, 2007 in New York. (AP Photo/Jason DeCrow)   (Associated Press)
Federal Reserve System Chairman Ben Bernanke addresses a dinner meeting of the Economic Club of New York Monday, Oct. 15, 2007 in New York. (AP Photo/Jason DeCrow)
Federal Reserve System Chairman Ben Bernanke addresses a dinner meeting of the Economic Club of New York Monday, Oct. 15, 2007 in New York. (AP Photo/Jason DeCrow)   (Associated Press)
Federal Reserve Chairman Ben Bernanke waits to address a dinner meeting of the Economic Club of New York Monday, Oct. 15, 2007, in New York. (AP Photo/Jason DeCrow)
Federal Reserve Chairman Ben Bernanke waits to address a dinner meeting of the Economic Club of New York Monday, Oct. 15, 2007, in New York. (AP Photo/Jason DeCrow)   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.24.09
Murdoch and Microsoft: The Mice Are Trying to Roar
11.23.09
Books Are Bad for You
0 comments
VIEWING:
 
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

206 Stories

 Fed Leaves Rate 
 at Record Low 

Says it wants to foster recovery

Nov 4, 09 1:43 PM CST
(AP) - The Federal Reserve today held a key interest rate at a record low and again pledged to keep it there for an "extended period" to foster the fragile economic recovery. The Fed says economic activity has "continued to pick up" and that the housing market also has grown... More »

MORE ABOUT:
Ben Bernanke • Federal Reserve • interest rate • Fed funds rate • interest rate cut

OPINION

Bailout
Is Bad News
for Savers

Banks get trillions, fixed-income investors get screwed: Sloan

Oct 20, 09 12:17 PM CDT
(Newser) - Not fed up enough with just putting your taxpayer dollars directly on the line to bail out the nation’s banks? Allan Sloan has latched on to some insidious “collateral damage” from the government’s rescue plan, those trillions spent “to keep interest rates down to support the... More »

MORE ABOUT:
Federal Reserve • investments • recession • Treasury Department • interest rate • Allan Sloan • rescue package • Wall Street bailout • TARP

(AP) - The Federal Reserve today decided as expected to hold a key bank lending rate at a record low near zero and pledged to keep rates there "for an extended period." The Fed also declared that "economic activity has picked up following its severe downturn" and said it... More »

MORE ABOUT:
Ben Bernanke • Federal Reserve • recession • economy • interest rates

206 Stories


Credit Crisis

Bernanke says rates cuts worked to limit crisis
Wall Street Journal

Bernanke warns Fed can't insulate investors from risk
CNN

Fed "ready to act" to steady markets
Reuters


Business  •  US 
TwitterFollow @NewserBusiness on Twitter

 
Federal Reserve • subprime mortgages • recession • credit market • interest rate • Federal Open Market Committee • Economic Club of New York • commercial paper • housing crisis

from our news partners