Fed says no to new stimulus
By The Week Staff | August 1, 2012
Federal Reserve Board Chairman Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee on July 17 in Washington, D.C.: Bernanke warned that economic growth in the U.S. "decelerated" in the first half of 2012.
Chip Somodevilla/Getty Images
D
espite noting that it expects the U.S. unemployment rate to fall "only slowly" over the coming months, the Federal Reserve declined to take new steps to support the struggling economy. Instead, the Fed will defer action at least until its next meeting in September. "The committee will closely monitor incoming information on economic and financial developments, and will provide additional accommodation as needed to promote stronger economic recovery and sustained improvement in labor market conditions," members of the group said in a statement.
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