Originally published on Fri August 31, 2012 8:49 am
Credit Ted S. Warren / AP
As the AP reads it, Federal Reserve Chairman Ben Bernanke stopped just short of "committing the Fed to any specific move, such as another round of bond purchases to lower long-term interest rates."
Bernanke gave a speech at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wy. today. As with all his speeches, it was being closely watched for signs on what the Federal Reserve would do next.
Mitt Romney's new running mate has authored some provocative policy proposals to cut budget deficits and overhaul Social Security, Medicare and Medicaid. But Rep. Paul Ryan has also been an advocate for a different course for the central banking system of the United States, the Federal Reserve.
For the past 35 years, the Fed has had a dual mandate from Congress: to set interest rates at levels that will both foster maximum employment and keep prices stable. Put another way, the Fed's goals are to get unemployment as low as possible while keeping inflation in check.