NEW YORK – The term “extended period” means the Federal Open Market Committee will not take any action on rates or its balance sheet for “at least two to three meetings,” Federal Reserve Board Chairman Ben Bernanke said Wednesday.
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Additionally, Bernanke said, “it could be significantly longer,” since any move depends on the economy. Recovery has been “frustratingly slow,” he said. “We’re not where we’d like to be,” but we’re better off than we were in August, the chairman told a press briefing.
Turning to the budget, he said, “it is desirable to lower budget deficits,” but the problem is long-run in nature. “The sooner we act, the better.”
