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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Jim McMannis who wrote (19644)	10/8/2004 12:45:39 PM
From: russwinter	Read Replies (1) of 110194

I guess that what Bernanke would have you believe, and with a straightface I might add. Ben on Wizard of Oz "credibility", famous last words, "credibility had become an institutional asset that will endure past the era of Fed Chairman Alan Greenspan." High oil not hit core US inflation-Fed's Bernanke Fri Oct 8, 2004 12:05 PM ET ST LOUIS Mo., Oct 8 (Reuters) - Federal Reserve credibility for keeping inflation low has helped cushion the economy from the shock of record oil prices, Fed Governor Ben Bernanke said on Friday. Bernanke said this was illustrated by the "fact that the oil shock this year evidently has not been translated into a rise in core inflation." He also said that credibility had become an institutional asset that will endure past the era of Fed Chairman Alan Greenspan. "Today we have got personal credibility and a record of success and commitment that creates institutional credibility," he told a conference organized by the Federal Reserve bank of St Louis. "Whenever a new chairman comes in, I don't think that institutional credibility will be dissipated," he said.

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