You're watching...
FBN’s Peter Barnes on Federal Reserve Chairman Ben Bernanke addressing the state of the U.S. economy.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- by the Fed Peter Barnes.
Was inside that Ben Bernanke event he is joining us now Peter what grab people's attention because of one point.
We didn't look up data now the markets are -- and -- they're always going down to their session lows.
Right and the you know some of -- maybe buy on the rumor sell on the news -- and I'll leave that to your market specialist at but listen on oil.
That that's been one of the headwinds out there that the Fed Chairman has talked about what we've seen.
Oil come down significantly so he was actually.
Positive about that development -- department -- -- -- the wrong reasons slower economic growth slower demand around the world for oil.
But he did also talk about the two other headwinds that the fact that the Fed has been concerned about here all along.
One of those is Europe -- physical problems and Europe are definitely having an impact.
On -- the US economy right now we're selling less stuff to Europe.
-- second the third thing that they've been worried about is the fiscal cliff.
And the -- the bush bush tax cuts payroll taxes automatic spending cuts the debt ceiling at the end of the year.
I asked him point -- Has have you seen any evidence that that has started to.
Hurt economic growth hurt job creation he said no it's a bit early for that but then of course -- went on to urge congress to try and deal with those questions and said that.
If congress did that it could be a significant significant help.
Where the economy was.
Peter Barnes right there in the thick of it and this was an exciting one wasn't it -- being -- sometimes these are extraordinarily boring budget meeting got some real action here.
-- because you haven't had a a real action on the policy front obviously it's an economic growth slow.
Job creation slow.
They extended Operation Twist gonna do more.
Purchases of short term of longer term -- Longer term securities to try to force.
Long term interest rates down but the big question one of the questions we got me -- repeatedly was.
Is this do incremental.
Why did you just do QE3 price that well -- you know.
We keep that -- that bullet and they and they chamber not ready to fire let's see how how this works let's see what happens -- here.
That's if we have any impact on these other extension of Operation Twist wait for data and wait and -- Yeah that he'd be criticized if he moved to boldly into quickly it's can't give damned if you do damned if you don't Peter thank you very much.
So -- --
