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Planned -- the economy.
And I see the market coming back a bit we went down a 120 now we're down sixty points we have to wait until precisely 10 o'clock.
We know what he's going to say but we can release it right now -- Does Ben Bernanke have a big new bold plan.
He does not Stewart no new stimulus proposals in this speech this morning from Ben Bernanke but He does say.
That the Fed will do what ever it takes to try to stimulate economic growth He notes that the Fed decided on August ninth to keep short term interest rates low for the next two years and says the Federal Reserve.
Has a range of tools that could be used to provide additional monetary stimulus He doesn't -- any of them by name such as quantitative easing.
But He does say quote the committee the fat FOMC.
Will continue to assess the economic outlook in light of incoming information.
And is prepared to employ its tools as appropriate to promote a stronger economic recovery and the context of purchase price stability -- -- that the Fed did recently marked down its projections for economic growth but says that it still expects a moderate recovery that will strengthen over time a moderate economic healing will continue a -- yeah and there will be -- be setbacks along the way OK but He -- as I get a final quote -- The Federal Reserve will certainly do all that it can.
To help restore higher rates of growth and employment in a context of price price stability subject.
They will do all that it can.
But He did not outline a big new ball platinum market did not like that when you went up -- -- right at the very top 10 o'clock.
You went up and said no He does not have a big new bold plan.
The Dow was down sixty immediately it was down a 12030.
Now is down a 164.
And moving south 172 down we go.
So big I could conclude from this the market interprets all the comments that you when you break of that.
That note we do not have a big new bold plan no big new tool box to be opened and no big printing of money in the immediate future down goes the Dow -- -- right on this.
That that is correct -- -- right now it appears it's going to be a wait and see.
Mode for the Fed it did announce that.
Policy change on August ninth that to keep short term interest rates low until mid 2013.
The Fed wants to see how that works look at the data.
As it comes in and then decide whether or not the economy needs additional help -- -- played a factor synthesizing a long speech -- -- -- understandable English speed of bonds everybody great.
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