THE GUARDIAN: Obama must address debt quickly, warns Federal Reserve chief, while interest rates will stay low to protect recovery
Federal Reserve chairman Ben Bernanke used his historic first conference to warn that the US deficit is "not sustainable" and tell political leaders they must address it "as quickly and effectively as they can".
Speaking at what was the first ever press conference on interest rate policy to be given by a Fed chairman, Bernanke confirmed that the US will keep interest rates low and continue its huge programme of buying back government bonds in order to keep the fragile economic recovery on track.
The conference followed a statement from the federal open market committee, which stated that the US recovery was "proceeding at a moderate pace, and overall conditions in the labour market are improving gradually". Household spending and business investment were picking up, but construction and the housing sector remained depressed, said the committee. » | Dominic Rushe in New York | Thursday, April 28, 2011
How profound, Mr. Bernanke! Please tell us something we don’t already know. – © Mark
THE GUARDIAN: Gold hits fresh high as US dollar falls to three-year low: Gold price rises to $1,532.91 an ounce after US Federal Reserve chairman Ben Bernanke effectively ruled out an early interest rate rise » | Zoe Wood | Thursday, April 28, 2011