United States Eastern time February 14 at 10 a.m., Fed Chairman Ben Bernanke on the House Banking Committee on United States economy and financial market conditions made submissions that the United States economic growth will slow down, but in the end of 2008 will be accelerated. The Fed will promptly take action to introduce adequate safeguards against the risk of economic downlink.
According to the United States http://finance. the Secretary of the Treasury Paulson indicated at the hearing, the United States economy is experiencing a significant and necessary adjustments, but the United States economic fundamentals are healthy, we should be able to avoid a recession.
Ben Bernanke stated that the United States economy down risk mainly from housing, labor and credit markets. Housing construction activities in the future will further slow down, go soft in the labour market will also inhibits the expenditures, thus it is expected that United States economy will fall into the "slow growth". But as the financial incentive programs and of the stimulatory effect of monetary policy has become increasingly apparent that the United States consumer will in the second half of the year and in 2009 to support United States inflation is expected to be under control. Therefore, the United States economy by the end of this year will be accelerated.
Ben Bernanke said the Central Bank will provide "adequate protection" in response to the economic down the risk. "If necessary, the Fed will promptly take action. "Some analysts point out that this implied that the Fed may cut interest rates further.
In addition, Paulson urged Congress to pass legislation to enable the Federal Housing Authority in helping troubled housing all in for mortgage refinancing to play a larger role, called on Congress to adopt a single act of allowing the United States to the States to issue tax-free bonds to refinance.
Paulson said, "all of these initiatives may help to alleviate market downturn of the negative impact on the future of our other good way also welcomes the attitude. ”
Paulson said that the United States Treasury Department is closely monitoring the situation in financial markets, the United States economy is strong, diverse and resilient. Property market adjustment, high energy prices and the financial market turmoil on the current economic growth is considerable pressure, "but I believe that the United States economy will continue to grow, although in the next few quarters of economic growth will be lower than in recent years. ”
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