Laptop Battery By Freddie Mooche
Yesterday, trader's attention was focused primarily on the Fed Chairman's Bernanke Speech in front of the U.S Congress. Bernanke told Congress that the credit crisis has created a "significant market stress", but reassured that regulators would take steps to curb fallout due to the mortgage crisis. Fed Chairman's Speech came just two days after the Federal Reserve cut a key interest rate by 0.5% in order to prevent the weight of housing and credit problems from sinking the economy.
Thinkpad (AXcess News) Washington - Fed chief, Ben Bernanke, told Congress Thursday that while another rate hike is in order, the US economy is showing signs of balancing out in which case the Federal Reserve would stop raising interest rates.
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Microsoft Bernanke told the Congressional Joint Economic Committee that the US Central Bank was "much more data-driven" than in June of 2004, when the Fed began raising interest rates.
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Laptop Computers Bernankeindicated that while another ratehike may be needed to keep US inflation in check, theFederal Reservemay soon relax its nearly 2-year credit-tightening campaign.
While the markets were preparing themselves for relatively hawkish testimony, possibly even implying an additional rate hike soon, Bernanke's testimony was quite the opposite, actually. In his speech, the Fed Chairman commented that "there are some indications that inflation pressures are beginning to diminish". Bernanke also noted that "So far, the incoming data have supported the view that the current policy stance is likely to foster sustainable economic growth and a gradual ebbing of core inflation". This has left the markets with no other interpretation to Bernanke's words than that of "no rate hike soon", while Central Bank Governors across the Atlantic express themselves with a far more hawkish tone. Consequently, markets punished the USD and the currency finally breeched out of its 4 week trading range against the EUR.
Laptop Computer "At some point in the future the committee may decide to take no action at one or more meetings in the interest of allowing more time to receive information relevant to the outlook," Bernanke said.
higher, after U.S. Federal Reserve chairman Ben Bernanke failed in a speech to derail speculation of lower U.S. interest rates.
Desktop Computer But the Fed chief was quick to add, Of course, a decision to take no action at a particular meeting does not preclude actions at subsequent meetings." Suggesting that the Fed will be monitoring the rate of inflation closely.
Notebooks Throughout Bernanke's two-hour presentation to the Committee he pressed mostly positive aspects of the US economy.
Lenovo Following the last meeting of the Fed when a quarter-point rate hike was made, the Central Bank Chief noted that recent economic indicators have not swayed the Fed's view toward inflationary risk. "To support continued healthy growth of the economy, vigilance in regard to inflation is essential," said Bernanke.
Hard Drive Economists now expect the Federal Reserve to increase the benchmark interest rate to 5% at the US Central Bank's next meeting on May 10th.
Travelstar Bernanke noted that the US economy has rebounded since the end of last year and that the economy grew at a rate of between 4 and 5 percent in the January-to-March quarter, compared to 1.7 percent in the last quarter of 2005.
Gateway The Fed chief believes that US economic growth will remain steady throughout the year but cautioned that energy prices might affect the nation's growth overall.
Laptop Parts "Rising energy prices pose risks to both economic activity and inflation," Bernanke said.
Software Bernanke said that while the high cost of oil has not passed through to consumers - so far, the Central Bank is monitoring core inflation, that excludes food and energy, for signs of where the US economy is heading.
Hard Drives The US Department of Commerce reported that new-home sales in March spiked unexpectedly. Bernanke said that the Federal Reserve is watching the housing market closely. "This sector will most likely experience a gradual cooling rather than a sharp slowdown," he stated.
Electronics Bernanke also urged China to revalue its currency. Which today, China's Central Bank raised its benchmark lending rate by 30 basis points.
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