BERLIN — Federal Reserve chairman Ben Bernanke said Friday that the effect from the Fed’s second round of quantitative easing will be meaningful but moderate.

“You might argue that it moves asset prices, but that it is not going to move activity,” Bernanke said at a panel discussion in Frankfurt, Germany, organized by the European Central Bank. “We don’t know yet how much movement there’ll be in activity. We think it will be meaningful.”

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