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Fed Chairman Bernanke's Semiannual Monetary Policy Report to the Congress

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Chairman Ben S. Bernanke Semiannual Monetary Policy Report statement to the Congress Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. February 24, 2010

  • “Although the recession officially began more than two years ago, U.S. economic activity contracted particularly sharply following the intensification of the global financial crisis in the fall of 2008. Concerted efforts by the Federal Reserve, the Treasury Department, and other U.S. authorities to stabilize the financial system, together with highly stimulative monetary and fiscal policies, helped arrest the decline and are supporting a nascent economic recovery. Indeed, the U.S. economy expanded at about a 4 percent annual rate during the second half of last year. A significant portion of that growth, however, can be attributed to the progress firms made in working down unwanted inventories of unsold goods, which left them more willing to increase production. As the impetus provided by the inventory cycle is temporary, and as the fiscal support for economic growth likely will diminish later this year, a sustained recovery will depend on continued growth in private-sector final demand for goods and services.”
  • Monetary Policy Report to the Congress, February 24, 2010
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