Bernanke Holds First Press Briefing as Fed Chief

Predicts moderate economic reco
very through 201

PHOTO GALLERY

WASHINGTON, DC 
Wednesday, April 27, 2011

 

Following a two-day meeting of the Federal Open Market Committee (FOMC), Fed Chairman Ben Bernanke held his first press briefing with reporters as Fed Chief, beginning what is to be a quarterly event.

Bernanke said the economy will recover at a moderate pace for the remainder of the year. He also said the Federal Reserve continues to balance economic policy geared at recovery with concerns of inflation.

He reiterated a previous assertion that the Fed’s efforts to stimulate the economy, through an aggressive program of large bond purchases, will not raise inflation. The Fed keeps its federal funds rate between zero and 0.25%, a rate it has kept since December 2008.

Chair Bernanke has been a long-time advocate of Federal Reserve transparency. According to a statement on the Fed's website, "The introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication. The Federal Reserve will continue to review its communications practices in the interest of ensuring accountability and increasing public understanding."

Tomorrow, the government will release the first-quarter gross domestic product data.  It is expected to show light economic growth at the start of the year.

Updated: Wednesday at 7:59pm (ET)