A few months of scrambled economic data have not altered the Federal Reserve’s basic view that the American economy is gaining strength, nor its intention to start pulling back soon from its stimulus campaign, the Fed’s chairman, Ben S. Bernanke, said Tuesday evening.
Mr. Bernanke, in a speech with valedictory overtones as he prepares to step down, described the Fed’s efforts to revive the economy since 2008 as coherent and consistent. He said the Fed’s stimulus campaign was producing clear benefits. And he emphasized once again that even as the Fed begins to retreat, it will maintain the bulk of the campaign for years to come.
The speech, delivered at the annual dinner of the National Economists Club, did not directly address the timetable for the Fed’s retreat, but in combination with other recent remarks by Fed officials, it is clear that Fed officials have not ruled out a change in policy as soon as December.
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