{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Fed chairman stands by stimulus, sees stronger US economy' data-url='/boclips/videos/5c54bf22d8eafeecae140d64' data-video-url='/boclips/videos/5c54bf22d8eafeecae140d64' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFed chairman stands by stimulus, sees stronger US economy\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide pan of US Federal Reserve Chairman, Ben Bernanke walking up to podium2. SOUNDBITE (English) Ben Bernanke, Federal Reserve Chairman: \"The Committee kept the target for the federal funds rate at zero to one fourth percent and...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide pan of US Federal Reserve Chairman, Ben Bernanke walking up to podium\u003cbr/\u003e2. SOUNDBITE (English) Ben Bernanke, Federal Reserve Chairman: \u003cbr/\u003e\"The Committee kept the target for the federal funds rate at zero to one fourth percent and reaffirmed its expectation that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase programme ends and the economic recovery strengthens. In particular we anticipate that this exceptionally low range for the funds rate will be appropriate at least as long as the unemployment rate remains above six and a half percent.\"\u003cbr/\u003e3. Close tilt up of Bernanke speaking at podium\u003cbr/\u003e4. SOUNDBITE (English) Ben Bernanke, Federal Reserve Chairman:  \u003cbr/\u003e\"Spending by households and businesses has continued to expand and the housing sector has seen further gains. The jobs market has also shown signs of improvement over the past six months or so. Private payrolls are growing more quickly, total hours of work have increased, the rate of filings of new claims for unemployment insurance has fallen and the unemployment rate has continued to tick down. However at 7.7 percent, the unemployment rate remains elevated.\"\u003cbr/\u003e5. Mid of journalists \u003cbr/\u003e6. SOUNDBITE (English) Ben Bernanke, Federal Reserve Chairman:  \u003cbr/\u003e\"In sum the committee anticipates moderate economic growth supported by household and business spending and a strengthening housing sector. The labour market has shown signs of improvement in recent months, but the unemployment rate remains elevated. Inflation is expected to remain low and fiscal policy has become somewhat more restrictive. In light of its outlook and following a review of the efficacy and costs of additional asset purchases, the committee today reaffirmed its asset purchase programme and its federal funds guidance.\"\u003cbr/\u003e7. Wide of Bernanke speaking \u003cbr/\u003e8. SOUNDBITE (English) Ben Bernanke, Federal Reserve Chairman: \u003cbr/\u003e\"We've seen improvement in the last four or five months. The last five months, for example, we've seen over 200-thousand jobs a month in the private sector. Unemployment rate's come down four tenths since September. Unemployment claims, insurance claims are at the lowest level they've been since the crisis. So we are seeing improvement. I think one thing we would need is to make sure that this is not a temporary improvement.\"\u003cbr/\u003e9. Mid of journalists listening\u003cbr/\u003eFederal Reserve Chairman Ben Bernanke said on Wednesday the US economy has shown improvement in recent months, but that the Federal Reserve won't alter its aggressive stimulus policies until it is convinced the gains can be sustained.\u003cbr/\u003eDuring a news conference following the Federal Reserve's two-day policy meeting, Bernanke repeated that \"the Fed\" plans to keep its key short-term interest rate near zero until the unemployment is below 6.5 percent. \u003cbr/\u003eHe also said the central bank may vary the size of its monthly bond purchases depending on improvement in the job market. It is currently spending 85 (b) billion US dollars a month to help lower long-term rates.\u003cbr/\u003eBernanke gave several reasons to raise hopes of gradual financial recovery.\u003cbr/\u003e\"Spending by households and businesses has continued to expand and the housing sector has seen further gains,\" he said. \u003cbr/\u003e\"The jobs market has also shown signs of improvement over the past six months or so. Private payrolls are growing more quickly, total hours of work have increased, the rate of filings of new claims for unemployment insurance has fallen and the unemployment rate has continued to tick down.\" \u003cbr/\u003eInvestors seemed pleased with the Federal Reserve's decision to maintain its low-interest rate policies. \u003cbr/\u003eThe Dow Jones industrial average was up 76 points nearly an hour after the statement was released at 2 p.m. EDT (1800 GMT), up 32 points from just before. \u003cbr/\u003eThe Standard \u0026amp;amp; Poor's 500 stock index also added to its gains on the day.\u003cbr/\u003eThe US unemployment rate has fallen to a four-year low of 7.7 percent, among many signs of a healthier economy.\u003cbr/\u003eThe Fed noted in its statement that the job market has improved, consumer spending and business investment have increased and the housing market has strengthened. \u003cbr/\u003eBut its latest economic forecasts, also released on Wednesday, show that the Fed still doesn't expect unemployment to reach 6.5 percent until 2015.  \u003cbr/\u003eIt also cautioned that government spending cuts and tax increases could slow the economy. \u003cbr/\u003eIt predicts that growth won't exceed 2.8 percent this year, slightly lower than its December forecast of three percent.\u003cbr/\u003eA total of 13 Federal Reserve officials still think the first rate increase won't occur until 2015, the same number as in December. \u003cbr/\u003eOne official thinks the first boost in the short-term lending rate won't occur until 2016.\u003cbr/\u003eThough the Fed's low interest-rate policies are intended to boost borrowing, spending and stock prices, they also hurt (m) millions of retirees and others who depend on income from savings.\u003cbr/\u003eThe economy slowed to an annual growth rate of just 0.1 percent in the October-December quarter, a near-stall that was due mainly to temporary factors that have largely faded. \u003cbr/\u003e\"We are seeing improvement,\" Bernanke said. \"One thing we would need is to see this is not temporary improvement.\"\u003cbr/\u003e\"The last five months, for example, we've seen over 200-thousand jobs a month in the private sector.\"\u003cbr/\u003eEconomists think growth has rebounded in the January-March quarter to an annual rate around two percent or more. The most recent data support that view.\u003cbr/\u003eAmericans spent more at retailers in February despite higher Social Security taxes that shrank most workers' pay packets. \u003cbr/\u003eManufacturing gained solidly in February and employers have gone on a four-month hiring spree, adding an average of 205-thousand jobs a month. \u003cbr/\u003eIn February, the unemployment rate, though still high, reached its lowest point since December 2008.\u003cbr/\u003eOne reason for the Fed's reluctance to reduce its stimulus is the history of the past three years. \u003cbr/\u003eIn each of the three, economic prospects looked promising as the year began. \u003cbr/\u003eYet in each case, the economy stumbled.\u003cbr/\u003eIn 2010, US growth was hurt by turmoil from Europe's debt crisis. \u003cbr/\u003eIn 2011, a spike in gas prices and supply disruptions caused by Japan's earthquake and tsunami dampened growth. \u003cbr/\u003eAnd in 2012, higher gas prices cut into consumer spending.\u003cbr/\u003eThough the economy has brightened this year, it still faces threats, including across-the-board government spending cuts that took effect on March 1 and are expected to trigger furloughs and layoffs.\u003cbr/\u003eThe Fed's forecasts for the economy are rosier than those issued by the Congressional Budget Office (CBO). \u003cbr/\u003eThe CBO has warned that the government spending cuts, along with the social security tax increase and higher taxes on top earners, could slow growth by 1.5 percentage points this year, to 1.5 percent.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv 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