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Bernanke Defends Fed Bond Buying

Program will spur growth and cut unemployment, Fed chairman says.

By Jeff Kearns and Craig Torres, Bloomberg | Updated on October 02, 2012

Chairman Ben S. Bernanke defended the Federal Reserve’s unprecedented bond buying in his first comments since the Fed renewed the purchases last month, saying the program will spur growth, cut unemployment, help savers and support the dollar.

The central bank will sustain record stimulus even after the expansion gains strength, and policy makers don’t expect the economy to remain weak through 2015, Bernanke said today in a speech in Indianapolis. The U.S. probably won’t fall back into a recession even with growth too weak to reduce a jobless rate stuck above 8 percent since February 2009, he said in response to an audience question.

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