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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: yard_man who wrote (197592)	10/15/2002 2:31:09 PM
From: stockman_scott	Read Replies (1) of 436258

Risk of U.S. deflation very remote: Fed's Bernanke Tuesday October 15, 2:22 pm ET NEW YORK, Oct 15 (Reuters) - The U.S. economy is not likely to succumb to deflation and the central bank will do everything in its power to prevent it, Federal Reserve Governor Ben Bernanke said on Tuesday. While the U.S. economy is in good shape, Bernanke also said he won't be confident the recovery is solidly on track until jobs growth -- which has been stagnant -- picks up. "The Fed would do what is necessary to ensure that it (deflation) does not happen by being preemptive," Bernanke said, noting that there was still room to cut rates to zero and there were "other tools" available to the Fed if necessary. Bernanke made his remarks in a question and answer session with the audience and a conference with reporters after delivering a speech to the New York Chapter of the National Association for Business Economics. Monetary policy is "accommodative," Bernanke added. The Fed has held short-term borrowing costs at a four-decade low of 1.75 percent for nearly a year.

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