Forex News and Rumors – Afternoon Update

Recession May End This Year – Bernanke

US Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that the economy will continue to contract for the first half of 2009 but there is a “reasonable prospect” that the recession will end this year. More

US Consumer Confidence Hits All-Time Low

The US Consumer Confidence Index fell to an index reading of 25 – a dramatic fall from January’s 37.4 – and the lowest reading since data was first collected for the index in 1967. More

Bernanke Denies Stress Testing is Prelude to Bank Nationalization

Ben Bernanke – Chairman of the Federal Reserve – said today that plans to re-capitalize struggling US banks is predicated on protecting shareholder equity and preserving key financial institutions.

“I don’t see any reason to destroy the franchise value or to create the huge legal uncertainties of trying to formally nationalize a bank when it just isn’t necessary”, Bernanke told a Senate Banking Committee in New York today. More

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