Bernake comments appear on the newswires before Testimony on Capitol Hill

Written July 21, 2009 at 10:11 AM EST by  

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  • WARNS CONGRESS AGAINST REVIEW OF FED POLICYMAKING
  • WARNS FED INDEPENDENCE LOSS COULD SPUR INFLATION FEAR
  •  HOUSEHOLD-SPENDING OUTLOOK `IMPORTANT DOWNSIDE RISK’
  • `CONFIDENT’ FED HAS TOOLS NEEDED TO ACHIEVE MANDATE
  • SAYS JOB LOSSES, HOME-VALUE DECLINES TO HURT SPENDING
  •  FED CAN WITHDRAW STIMULUS IN `SMOOTH,’ TIMELY WAY
  • URGES `PROMPT ATTENTION’ TO REINING IN BUDGET DEFICIT
  • SAYS `FINANCIAL CONDITIONS REMAIN STRESSED’
  • SAYS DRAG ON ECONOMY FROM EXPORTS `WANING’
  • POLICY TO BE `TIGHTENED’ WHEN RECOVERY IS IN PLACE
  •  OFFICIALS MUST PLAN NOW FOR RESTORING FISCAL BALANCE
  • MANY BANKS FACE RISK OF `SIGNIFICANT’ FURTHER LOSSES
  • SAYS HOUSING DECLINE `APPEARS TO HAVE MODERATED’
  • SAYS PACE OF ECONOMY DECLINE `SLOWED SIGNIFICANTLY’
  • SAYS POLICY TO BE `TIGHTENED’ WHEN JOB MARKET IMPROVES
  • SEES KEEPING RATES `EXCEPTIONALLY LOW’ FOR EXTENDED TIME
  • SAYS DEMAND SHOWS `TENTATIVE SIGNS OF STABILIZATION’

The rise in rates line in the sand has been drawn with Bernankes comment on how the Fed will raise rates when the unemployment improves.  He is passing on responsibiilty of budgetary discipline back on Congress.  This is his warning.   He notes that export woes have improved.  A lower dollar will do that as it makes exports more competitive abroad.

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