Transcript for Digital Report: Ben Bernanke Hearing
This is this special report from -- -- Hello everyone I'm tired Hernandez New -- with the CBC news digital special report. No set course for tapering to Federal Reserve's easy money policy that is what fed chair Ben Bernanke is about to tell Wall Street and congress specifically. House financial services committee. Analysts there says unemployment and inflation numbers just aren't where they need to be. Investors perked up this morning markets -- positively text. Careful arts but that's -- could change. In the questioning sessions right now let's bring in Jeff -- from Yahoo! finance -- preview. On Ben Bernanke's statements -- you've read his remarks that -- -- for his you'll actually deliver them. So let's talk about that you know why -- they release those remarks before. They try to. -- before answer traders have a chance to digest them both before market hours and not during president vernacular mr. Bernanke's speech. And that allows Wall Street to digest the news and your takeaways here are not brand new stuff from Ben Bernanke's blaming politicians. In part from the slowing growth and saying as you said. The -- flexible if the data warrants keeping stimulus on they'll do so and if not they'll take it off. That's the message he's -- giving people for five years I don't know why they folks on Wall Street and easterners are reluctant to hear that the Fed is flexible. And going to let data determine the plan. Well he recently said there will be a point in time where. The fat people stop buying up all those bonds -- market did not react very well to bad -- -- being extra cautious now you know. It was a weird reaction from the market because I read that as the equivalent of telling my children that someday the dog is going to die it's a sad thing it's too bad. But it's way out there -- -- -- of course they're gonna take stimulus off once the economy scorching that's their job that's what the Fed is supposed to do and Bernanke said over and over again. As long as unemployment stays about six and a half percent and inflation stays below 2%. He's going to -- this economy to the extent possible trying to stimulate where he believes the politicians have failed. You know just moments after the opening bell the Dow is up about thirty points has the market reacted in any. -- differently since spends it is prepared statement. You know though the market and typically they read the statement and that's kind of the meat of what the president wants to say -- In June Bernanke came out and he said that the eight kids during a press conference he said some things that got the bond market all worked up. But at this point with the housing data that we heard this morning which was disappointing and with Bernanke again staying in their stance. Of flexibility. That's really going to limit the reaction on Wall Street I think I think traders have kind of read the statement and moved on a little bit unless they're -- in which case they're gonna watch this speech. All right now that Bernanke did refer to Sunday that in he is in his remarks -- will. He talked about unemployment being one number that they really want to see improves how much -- the Fed need to see that number of crew before they me. Change course we're at seven point 6% in unemployment right now. -- that's way too high vernacular like take that down to six and a half percent unemployment. Bernanke's is centered on be leaving office sometime in January he is not going to be there when we get to six -- percent unemployment. We're gonna need to see a substantial. Improvement in the number jobs are -- into the economy which has been about 200000. A -- for the last year or so we need that number close to 3350. Before we're gonna see at unemployment rate contracting in -- meaningful -- -- -- as I said it has a lot of room here and it's going to be a long while before they take a foot off the gas pedal. At the same time Bernanke admits that there are rolling moderate even with the stimulus is he saying you know this isn't the end all be all solution does he want. Congress to -- Oh well and and that's the gist of what Bernanke's been saying for quite awhile he wants fiscal policy to take over the politicians with all due respect. Have been hiding behind -- monetary policy quite a bit because there's two aspects of this is monetary policy which the Fed controls. And that's just them dumping money into the system they're all but handing out dollar bills outside -- Grand Central trying to get people to get this economy moving. The other side of that is fiscal policy that's got to come from the White House from the hill. From everybody that Bernanke is effectively be -- it this morning and so what he says it is very opening sentence. Is that the economy is improving to grudgingly -- improving and a moderate pace despite. Fiscal headwinds being created in DC now free hockey fans that's -- -- -- drop your gloves and challenging you got -- Bernanke's coming out swinging right here right now. All right what you know and I don't think a lot of people hold out a lot of hope that any kind of bipartisan fiscal policy will be able to be hammered out any time soon. Is -- something Bernanke is -- for. He he has been calling for this for years for years and years and again and tell -- it's politically expedient. Or the politicians need to for want of monetary policy get off the bench and stop arguing with one another trying to score political points. And actually come together or something in a bipartisan way to stimulate the economy rather and there's jawboning one another. What -- -- fiscal policy. And so I'm not sure what the Fed can do about a Bernanke or anyone else. At -- and just go kind of tough love -- and start removing stimulus just to encourage politicians to do something. Now it Bernanke's not gonna punish the American citizens for the fact that we elect a bunch chuckle heads so we're gonna he did see something happen. To bridge that gap between right and left before we get a meaningful fiscal plan at least the likes of what Bernanke is looking for. -- talked about the fact that his term ends in January he's not. In a sign up for another one. And this is probably his last -- economic reports. To congress. You know in Britain still is not expected to say anything different than before this is obviously a very cautious spot. Well you know it it's like Greenspan who -- his predecessor Bernanke is really tried to stamp the -- -- of communication being open. And it's been somewhat frustrating to me it seems in terms of keeping his message consistent. And in fact he he hits on the idea over and over again and is prepared statement that they're going to be flexible now that's going to outlive Bernanke's term. By ages were likely to have put a -- of so called meeting someone -- not concerned about inflation. In Bernanke's seat after he leaves most likely at the end of January so I really am not looking for any policy statement or any political. Aspect of this thing kind of -- with the feds doing more on the track we're going to stimulate and I'm not gonna walker -- these Wall Street's not looking for radical change at the top. That would shake up the market that's not in anyone's best interest to scare traders have to death hit the folks at home -- -- pocketbook. Of course you know we haven't prepared statements -- we always have the QNA. Where we don't necessarily know what's going to be -- Do we anticipate anything there are some tough questions for Bernanke. They can he picked a fight you picked a fight. Right there in the opening and opening statement and so. If I'm Bernanke I would take the opportunity is my last midyear report to really go off on these guys to really express my frustration and then -- With the idea of the politicians in his mind have not picked up the slack monetary policy can only do so much you can only throw so much money yet corporations. Before they start actually spending on things and that's been the frustration -- the Fed is -- things like corporate tax incentives. If things that that just kind of get the economy going organically we -- bipartisan support to get those things through. It's not happening so far we're -- kind of flinging things back and forth across the -- And I expect this to be somewhat contentious today are expected to be sort of -- -- at least as far as these things go. As a politicians hack away at Bernanke. And as he just pretty much fights back then politicians don't have a leg to stand on in this fight so -- I would hope the venture will take the opportunity to take some potshots -- these guys. We'll have Bernanke seems to really want to drive home. The Fed policy doesn't have an end -- there's no set calendar -- is more economic data that has to be one way or another in order for policy change. You know when the market starts to see those unemployment numbers come down could we see crazy thing where the numbers are. More -- yet the market reacts negatively because they know this may change that policy. You and on the trillion dollar question on wall streeters are good numbers -- or bat. And some folks -- just didn't lead pipe convinced that the economy is in rough shape the second stimulus goes off no matter what the data looks like going into that. So -- there's kind of those rumblings out there we heard him in June. I think what Bernanke is trying to do is to say listen it's all about the -- that we're not going to remove stimulus and tell the economy can go it on itself and -- the economy can actually. Organically improve those jobs are being created not through stimulus not their little circus tricks that we have to do but actually about the laws of economics and so. It's at this policies remain the same Bernanke seems to be just that -- and in terms of communicating idea. Atlas and we're keeping these rates low as long as we need to the bond market doesn't agree to -- and and and game that's facing a little bit of chopped. In stocks and bonds over the last month or so but the Fed isn't trying to do that I think Wall Street -- -- you know little bored during the summer and just I have. Reading what they want in these statements. Anyone's guess -- those unemployment numbers as well we're seeing what you know what does that work on the same playbook your diet everyone has the same data. Everyone's looking at the same numbers we kind of like to think that the Fed has access to his treaty to different data points. And they act as -- maybe they do -- they're making these projections out years going forward 2015 unemployment. The truth is Bernanke has no better idea -- what's gonna happen in the economy than anyone else. And so there is no set course original plan there there's just vague idea is that when the economy improves. The Fed wants to step back while the economy is not improving at the pace they want -- the Fed is stimulating as fast they can. You know you kind of giving us a preview of a bit of a showdown here at this hearing but what is the general consensus on Bernanke before. This group finance committee. It had. Karen some believe is there's somebody who just despise him to be honest it is a little like -- ER and -- sense that he came in during a crisis and he's been absolutely polarizing. In a reaction on Wall Street -- some folks convinced that he is absolutely creating the -- -- nation of capitalism. By creating knowledge speak money -- funny money -- this phony stimulus and that the people and myself included a thankless and this guy came into a very thorny problem during the financial crisis. It's very complicated he is doing what amounts to the equivalent of three dimensional chess and he's doing it -- 300 million Americans watch him. It's a tough game he's playing on nothing but -- respect -- as the kids used to say I was a child. What what would we say is is. Legacy. His legacy is going to be stimulus legacy is going to be the idea of just throwing money into -- system over and over again. As a catalyst to try to get this recovery that memory of its heat -- was behind -- these innovations such carpet picked up 700 billion dollars of staff. We've seen this quantitative easing program. Where the Fed is effectively pumping about 85 billion dollars of -- worth of stimulus Indian economy every single month. So his legacy is going to be -- stimulus. -- the economic impact of that stimulus because we were kind of by models that we had ten years ago economically speaking. We were -- -- having inflation right now inflation was supposed to be the problem. And instead what we're seeing is just -- refusal of market participants -- -- pick up that economic activity and so his legacy is going to be two things one. Stimulus stimulus stimulus stimulus but he'll never live that down if -- thousand he'll always be the guy who invented quantitative easing. And a rethink of our entire economic way of thinking. The latter will be a little slower to pick up and probably not something that'll appear on the front page of his whole bit but rather something for dorks like me to kind of go through and argue about. Likely to succeed at what kind it what kind it. Strategists will be -- -- it is better the odds on wagering and people on Wall Street -- -- wager about these things as Janet Yellen who as I mentioned before is dovish on inflation -- she doesn't see it coming. And so she will likely continue. To operate in the motor Bernanke which is the Fed being more than ever. Part of the economy part of what's going on on your daily living keeping rates low can mortgages -- Whoever succeeds Bernanke is going to be doing Matt. And we'll see how it turns out there's this huge experiment this grand experiment would never seen anything like it certainly not a hundred years of the existence of the Federal Reserve. So where it will see but we're not to change course midstream. Eight we will get bipartisan support in terms for the next fed chair is and I think politicians citizens should be just terrified of the idea of of uncertainty at this point. Whatever you think of what Bernanke's doing daddy of -- their policy and and just starting over in February is horrified when I can see that. -- but you know in essence they don't have to check it even at a gentle tapering or weaning from -- course tasting. Garner such a strong reaction from the market. But it does you know it and they lost control with some mortgage rates on the thirty year ago -- like 30% give or take. On on vague utterances on on effectively body language from Bernanke during his -- in June. They're losing a little -- control the Fed in terms of their ability. To keep this market where they want it and and that nightmare in the boogie man in the closet -- the traders talked themselves about around the campfire when they're trying to -- ghost stories. Is the idea that the Fed will lose control completely. A -- the bond market is of our international standing as the nation with these sovereign currency. So we got a lot of lot of things happening here that are cause for pause and I don't know how well the market's gonna react. We'll see -- again if unemployment gets to 6% I think from my way of thinking anyway. Is that the market we'll take it in stride if we're -- stimulus and fact it'll be a good thing you know we we shouldn't be on this perpetual emergency state where the -- asked to pick things up. Eventually at least of capitalism works and I think it does. The market itself will pick up the slack and start creating jobs creating incentives for folks to invest both our personal and corporate level. Saying you know will see because there are people who are obviously very skeptical of that and that's why you see these skittish markets. You know what is Bernanke go from here is spent the greater part of the last. Three and a half years being very cautious walking a tight rope -- -- You know -- I hope for the -- is probably gonna go out there and and -- 100000 dollars per speech type of thing he's gonna make -- dump truck full money's gonna write. A book almost for sure and he's gonna go out there and just be a public figure and I would guess here is professor before he got to the -- I would suspect that he'll probably go back academia. And start writing things about the last crisis as opposed to the Great Depression which is where he got his start made his bones was writing about the Great Depression. I think they'll probably just pick that up right where -- -- -- this guy's been looking to check out for each -- -- and it's a thankless job. But thankfully he's about to make a whole big -- money right there at the other and probably starting in February 2014. It's it's not long that they have to wait before they jump right in two you know letter Monday until it a little kid just check off boxes in his calendar I got a picture with one of those far side -- very rip off the day every day. I I think he's just counting down. And -- you exhibit will put a big red checked through this day tomorrow. And and you know it's probably -- -- days that they can leave and I think he's got his high on that targets like crazy. -- you know. I'm sure he doesn't enjoy this I mean he may enjoy a you've talked about his giving it sticking it to congress perhaps today but I don't know that anyone actually enjoys having -- -- -- that hot -- -- you know he's not -- By nature doesn't -- -- -- -- truck -- -- man I think it's just out of frustration you know if you spent six years begging politicians to step up pick up the slack here and help him out. As the Fed chair -- it it's got to be frustrating it's gotta be maddeningly honors I suspect that'll be one. Contentious more pugnacious today is just it's his last shot. It's his last time to say you know what you guys have to help me out here the Fed again it was -- ended -- just a hundred years ago. The is this is kind of a new creation it's an artificial part of the economy. He wants out. You he wants to tape -- this thing back we don't have the same policies in place we -- during the Great Depression for a reason because we are exposed and need done and so he wants the Fed to get out of there he wants to get out of there. He doesn't want the Fed chair to be this this. Rock star god I don't think he's he's very comfortable -- spotlight and he's again just trying to get out of dodge. I think right now he's just trying to get it working microphone seems to be some technical difficulties on the floor there. Let's check back in that the numbers of the market right now in see where we -- looks like it's just been kind of slow to react -- their market up 32 points at this point. No not really expecting -- and go crazy. Now I'd get a monster shrug I don't know who actually produces -- microphone but in my look at the stock and that company but -- -- The market you know we have a huge week last week and so we -- -- break even today that would amount to a moral victory. At least for stocks but we'll Seattle will be fixed some might because again I think I'm kind of looking forward to this little -- awful that I expect to happen between Bernanke and and our politicians. Don't pick up all the time about. Despite the stimulus no one wants to spend money how do we get being banks and and institutions to spend money. But we've got something like a trillion dollars American corporations. -- -- overseas because we have the highest repatriation tax which is a big fancy term meaning money that's left overseas that's made overseas corporations just leave it there because to bring it back. It's a big tax at a rate of over 25% its highest in the world. And so what -- got to get to -- to get understand while ago allowed them to bring some of that cash back into the states where ideally they would do things like build. Plant and create jobs -- be a super nice thing for politicians to get together on. And yet it's not happening and so -- world of uncertainty. You know you can lead a horse to water but you can't make him drink you can give a corporation just a whole bunch of money they can't make them spend it unless they think there's some sort of economic light. In the tunnel and right now there's not seen. All right well at this point I think would be happy if they just after the fact of the difficulties -- solved there -- -- to go to Jeff but thank you so much for hanging out with us and giving us the lowdown on burning. See -- at any time -- RA and after those -- watching him -- Bernanke's. Testimony here in just a few moments and they get. Acting community will -- online order. Missed his -- act how nice and are working you think. You -- recognized the chairman -- -- ranking member waters and other members of the committee. I'm pleased to present the Federal -- semi annual monetary policy report to congress. And we'll discuss current economic conditions and the outlook and in turn to monetary policy. And I'll finish with a short summary of our ongoing work and regulatory reform. The economic recovery is continue to moderate pace in recent quarters despite strong headwinds. Created by federal fiscal policy. Housing has contributed significantly to recent gains in economic activity. Home sales house prices and residential construction. Have moved up over the past years. And improved confidence in both the housing market and the economy. Rising housing construction and home sales are adding to job growth. A substantial increases in home prices are bolstering household finances and consumer spending. While reducing the number of homeowners with -- underwater mortgages. Housing activity and prices seem likely to continue to recover notwithstanding the recent increases in mortgage rates. But it will be important to monitor developments in this sector carefully. Conditions in the labor market are improving gradually. The unemployment rate stood at seven point 6% in June about a half percentage point lower. That in the months before the Federal Open Market Committee initiated its current asset purchase program. In September. Nonfarm payroll employment has increased by an average of about 200000 jobs per month so far this year. Despite these -- the job situation is far from satisfactory. It's the unemployment rate remains well above its longer run normal level and -- of underemployment and long term unemployment are still much to. Meanwhile consumer price inflation has been running below the committee's long run objective -- 2%. The price index for personal consumption expenditures rose only 1%. Over the year ending in May. This office reflects in part some factors that are likely to be transitory. Moreover measures of longer term inflation expectations have generally remained stable. Which -- helped move inflation back up toward 2%. However the committee is certainly aware that very low inflation poses risks to economic performance. For example by raising the real cost of capital investment. Increases the risk of outright deflation. Consequently we want monitor the situation closely as well. And we will act as needed to ensure that inflation moves back -- -- 2% objective over time. At the June FOMC meeting my colleagues and I projected that economic growth could pick up the coming quarters. Resulting in gradual progress towards -- level of unemployment and inflation. Consistent with the Federal Reserve statutory mandate to Foster maximum employment and price stability. Specifically most participants saw -- real GDP growth beginning to step up during the second half of this year. Eventually reaching the pace between two point 93 point 6% -- -- fifteen. They projected the unemployment rates decline to between five point eight in six point 2% by the final quarter when he fifteen. And they saw inflation gradually increasing for the -- 2% objective. The pickup -- economic growth projected by most many participants partly reflects their view. The federal fiscal policy will enter somewhat less drag over time as the effects of the tax increases and spending some frustration diminish. The committee also believes that risk to the economy have diminished since the fall. Reflecting some easing of financial stresses in Europe. The gains in housing and labor markets and I mentioned earlier. And better budgetary positions of state and local governments. And stronger household and business balance sheets. That said the risks remain at tight federal fiscal policy will restrain economic growth over the next few callers by more than we currently expect. Or that the debate concerning other fiscal policy issues issues such as -- that accident that feeling will evolve in ways it could hamper the recovery. More generally with a recovery still proceed only a moderate pace the economy remains vulnerable to unanticipated shocks. Including the possibility that global economic growth may be slower than currently anticipated. With unemployment still high and declining only gradually and with inflation running below the committee's -- run objective. A highly accommodative monetary policy will remain appropriate for the foreseeable future. In normal circumstances the -- basic tool providing monetary accommodation -- its target for the federal funds rate. However the target range for the federal funds rate has been close to zero since late 2008 and cannot be reduced meaningfully further. Instead we -- providing additional a policy accommodation through two distinct yet complementary policy tools. The first -- is expanding Federal Reserve's portfolio longer term treasury securities. And agency mortgage backed securities. We are currently purchasing forty billion dollars per month an agency MBS. And 45 billion dollars per month and treasures. The second foolish for guidance about the committee's plans for setting federal funds rate target over the medium term. Within our overall policy framework we think of these schools is having somewhat different roles. We are using asset purchases and resulting expansion of the Federal Reserve's balance -- primarily to increased to near term momentum of the economy. With a specific goal of achieving a substantial improvement in the outlook for the labor market in the context of price stability. We've made some progress toward this goal -- with inflation subdued. We intend to continue our purchases until substantial improvement in the labor market outlook has been realized. In addition even after purchases and the Federal Reserve will be holding its stock treasury and agency securities off the market. And reinvesting the proceeds from maturing securities. Which will continue to put downward pressure on longer term interest rates support mortgage markets. And help to make broader financial conditions more accommodative. We are relying on near zero short term interest rates together with our forward guidance that -- will continue to be exceptionally low this is our second -- To help maintain a high degree of monetary accommodation for an extended period after asset purchases and even as the economic recovery strengthens and unemployment declines towards more normal levels. In appropriate combination these two tools can provide the high level policy accommodation. Needed to promote a stronger economic recovery -- price stability. In the interest of transparency committee participants agreed in June that would be helpful to lay out more details -- thinking regarding asset purchase program. Specifically to provide additional information on our assessment of progress today. As well as -- the likely trajectory of the program if the economy -- was projected. This agreement to provide additional information did not reflect a change -- policy. The committee's decisions regarding asset purchase program in the overall stance of monetary policy. Depend on our assessment of the economic outlook in the thinking that the progress for our objectives. Of course economic forecast must be revised from new information arrives and -- thus necessarily provisional. As I know that the economic outcomes that committee participants. Most likely and -- and projections. Involved continuing gains in labor markets. Supported by moderate growth picks up over the next several quarters as the restraint and fiscal policy -- Committee participants also saw inflation -- -- -- 2% objective over time. If the incoming data would be broadly consistent with these projections we anticipated. That it would be appropriate to begin to moderate the monthly pace of purchases later this year. And -- -- subsequent data continue to confirmed this pattern of ongoing economic improvement and normalizing inflation. We expected to continue to reduce the pace of purchases in measured steps -- the first half of next year and in and around here. At that point if the economy had evolved along the lines we anticipated. The recovery would gain further momentum and employment would be in the vicinity of 7%. And inflation would be moving toward our 2% objective. Such outcomes will be fully consistent with the goals of the asset purchase program that we established in September. I emphasize that because RS of persons depend on economic and financial developments they are by no means on a preset course. On the one hand -- economic conditions were to improve faster than expected inflation appear to be rising decisively back toward our objective. The pace of asset purchases to be reduced somewhat more quickly. -- the other hand if the outlook for employment or to become relatively less favorable. If inflation did not appear to be moving back -- 2%. Or financial conditions which -- -- recently. We're judged to be -- accommodative to allow us to attain -- mandated objectives. The current pace of purchases to be maintained for longer. Indeed if needed the committee would be prepared to employ all of its tools including an increased the pace of purchases for time. To promote a return to match the employment in a context of price stability. As I noted the second to of the committee -- using to support the recovery is forward guidance regarding the path of the federal funds rate. The committee has said that it intends to maintain a high degree of monetary accommodation. For considerable time after the asset purchase program ends and the economic recovery strengthens. In particular the committee anticipates it is currently. Current exceptionally low target range for the federal funds rate will be appropriate. At least as long as the unemployment rate remains about six and a half percent. And inflation and inflation expectations remain well behaved in this sense describe the FOMC statement. As I observed on several occasions the phrase at least as long as is a key component of the rate policy guidance. These words indicate that the specific numbers for unemployment and inflation in the guidance our threshold. Not traders. Reaching one of the thresholds would not automatically result in an increase in the federal funds rate target. Rather it would be the committee to consider whether the outlook the labor market inflation and the broader economy justify such an increase. For example of a substantial part of the reductions -- -- unemployment were judged reflects typical of the declines in labor force participation. Rather than gains in employment. Committee would be unlikely to -- a decline in unemployment to six and a half percent as a sufficient reason to raise its target for the federal funds rate. Likewise the committee would be unlikely to raise the funds rate of inflation remained persistently below -- longer run objectives. Moreover so long as the economy remains sort of -- -- employment. Inflation remains near a longer run objective inflation expectations remain well anchored. Increases in the target for the federal funds rate once -- -- are likely to be gradual. I will finish by providing a brief update on progress on reforms to reduce systemic risk of the largest financial firms. As governor to -- discussed in this testimony last week before the senate banking housing and urban affairs committee. The Federal Reserve -- the other federal banking agencies. Adopted a final rule earlier this month to implement -- -- three capital reforms. The final ruling -- is the quality and quantity of required regulatory capital. By establishing a new minimum common equity tier one capital ratio and implementing at capital conservation buffer. The rule also contains a supplementary leverage ratio and -- counter cyclical capital buffer. That applies only to large and internationally active thinking organizations. Consistent with their systemic importance. In addition the Federal Reserve will propose capital surcharges -- firms opposed to -- and at risk. And we'll issue a proposal to implement the -- -- quantitative liquidity requirements. As they are phased in over the next few years. The Federal Reserve is considering further measures to strengthen the capital positions of large internationally active banks. Including proposed rule issued last week that would increase -- required leverage ratios for such firms. The Fed also is working to finalize the enhanced prudential standards set out sections 165 and -- 66. Of the Dodd-Frank act. Among these standards rules relating to stress testing and resolution complaining already are in place. And we have been actively engaged in stress tests and reviewing the first wave resolution plans. In coordination with other agencies we've made significant progress on the -- substantive issues relating to the -- rule and are hoping completed by year end. Finally the -- -- preparing to regulate and supervise systemically important non bank financial firms. Last week the financial stability oversight council designated to non bank financial firms. This proposed a designation of a third firm which has requested a hearing before the council. We are developing a supervisory and regulatory framework to can be tailored to each firm's business -- risk profile and systemic footprint. Consistent with the Collins amendment and other legal requirements under the Dodd-Frank act. Thank you mr. chairman I think these questions. You mr. chairman chairwoman you were just listening to Federal Reserve Chairman Ben Bernanke speaking about where I have said might -- -- on future policy. -- market fears somewhat indicating that the stimulus. Is we're not in -- -- and of course at a complete recap right here on ABC news are common is we'll continue to stream. -- abcnews.com. Including -- Expected contentious. Hearing today between me and chair for now -- Hernandez New York but this is digital. -- minutes. This has been a special report from me.
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