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Hello Stewart he's gonna say because of the weakening recovery the Fed quote is prepared to take further action as appropriate.
To promote a stronger economic recovery and sustained improvements in labor market conditions.
That's the same language that the Fed issued in its June 20 statement after its latest policy meeting when -- extended Operation Twist.
Because of the weaker economic outlook but since then.
We've seen some even weaker.
Numbers and the Fed Chairman acknowledges those in his prepared testimony he says that indicators point to a smaller gain in economic growth for the second quarter.
Less than 2% that's manifested itself through -- weaker job creation consumer spending and manufacturing production indicators of business investment -- critical sector of the economy suggest.
Further weakness there.
The European debt crisis sent fiscal cliff are headwinds for the recovery with Europe's financial markets and economy remaining under significant stress that's -- quote.
Now he does he -- senators are expected ask him about the Libor scandal but in these prepared remarks Stewart he does not mention them.
Back to you.
Okay I I see that some the Dowell has actually come back a bit it was up about 20/20 five points when he stopped when you started you're telling us what Ben Bernanke was gonna -- Now it's up -- twelve points but that's not much of a reaction.
It doesn't seem to -- that the market really thinks he's -- those stimulate the economy with a lot more money printing.
Doesn't look like it from from what I'm saying on the market -- Right -- I agree with that I think that this is an incrementally.
Worst economic outlook just incrementally.
Which means -- may be an incremental move towards more stimulus more quantitative easing for example.
All right thanks so much -- so we've got a weak economy.
And a hint that he may step in to print some more money down the road.
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