AEI's Fed watchers react to Bernanke's testimony

Reuters

US Federal Reserve Chairman Ben Bernanke listens to opening remarks prior to delivering his semi-annual monetary policy report to Congress before the House Financial Services Committee in Washington, July 17, 2013.

• “Chairman Bernanke’s prepared testimony broke no new ground. The Fed’s next move continues to be entirely data-dependent. If the economy evolves as the Fed has forecast, look for the tapering of QE purchases to begin in September.” Steve Oliner, former senior Fed official.

• “Chairman Bernanke’s dovish written testimony for the Humphrey-Hawkins hearings on the economy and Fed policy aims to make three points: tapering (less bond purchases/QE by the Fed) is not tightening; when tapering occurs depends on the economy; and zero interest rate policy, ZIRP, will continue for an extended period, probably until late 2015.” John Makin, Wall Street chief economist for 20+ years.

• “As expected, Bernanke continues to try to repair the market damage that he did earlier in the month by providing specific dates for an exit from QE3. One must welcome his now emphasizing the more appropriate policy line that the exit from QE3 will be strictly conditions based.” Desmond Lachman, former managing director, Salomon Smith Barney.

Check out @AEIecon for real-time scholar reactions to Bernanke’s testimony before the House Financial Services Committee beginning at 10 AM. On Thursday, he’ll testify before the Senate Banking Committee.

Check out AEI’s work on the Federal Reserve, QE, and Bernanke here.

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About the Author

 

Abby
McCloskey
  • Abby M. McCloskey is the program director of economic policy at the American Enterprise Institute (AEI) where she disseminates the work of AEI’s economic policy team. McCloskey also studies and writes about various financial services policy issues.

    Immediately before joining AEI, McCloskey was director of research at the Financial Services Roundtable where she worked on financial regulatory reform, including Dodd-Frank and Basel III. McCloskey has also worked for US Senator Richard Shelby, and for the Mercatus Center as a Charles Koch Institute associate. While at Mercatus, she created and hosted a video series on financial markets issues.

    McCloskey has a B.A. in economics from Wheaton College.


    Follow McCloskey on Twitter: @abbyeconomics

  • Phone: 202.862.5819
    Email: abby.mccloskey@aei.org

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