{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Bernanke signals continued support for low interest rates' data-url='/boclips/videos/5c54c18cd8eafeecae152fa5' data-video-url='/boclips/videos/5c54c18cd8eafeecae152fa5' 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\nBernanke signals continued support for low interest rates\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. Various of Federal Reserve Chairman Ben Bernanke entering room and taking his seat 2. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman  \"Available information suggests that economic growth has picked up again this year....\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Various of Federal Reserve Chairman Ben Bernanke entering room and taking his seat \u003cbr/\u003e2. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman  \u003cbr/\u003e\"Available information suggests that economic growth has picked up again this year. Consistent with the moderate pace of economic growth, conditions in the labour market have been improving gradually. Since July, nonfarm payroll employment has increased by 175,000 jobs per month, on average, and the unemployment rate declined three-tenths of a percentage point to 7.9 percent over the same period.\"\u003cbr/\u003e3. Cutaway, Senate Banking Committee \u003cbr/\u003e4. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman  \u003cbr/\u003e\"In the current economic environment, the benefits of asset purchases and of policy accommodation more generally, are clear. Monetary policy is providing important support to the recovery while keeping inflation close to the FOMC's (Federal Open Market Committee) percent objective. Notably, keeping longer-term interest rates low has helped spark recovery in the housing market and led to increased sales and production of automobiles and other durable goods.\"\u003cbr/\u003e5. SOUNDBITE: (English) Senator Pat Toomey, (Republican) Pennsylvania  \u003cbr/\u003e\"What would the impact be of actually having to liquidate a big portion of your holdings on the bond market, on the equity markets?\"\u003cbr/\u003e6. SOUNDBITE (English) Ben Bernanke, Federal Reserve Chairman  \u003cbr/\u003e\"We could exit without ever selling by letting it run off and we can tighten policy by raising interest rates that we pay in reserves. That would be one strategy, for example. In any case we have said that we will sell slowly, with lots of notice and we will of course also be offering our forward guidance about rates so that they will not be a shift in rates expectations on the part of the market.\"\u003cbr/\u003e7. Wide of Bernanke delivering report \u003cbr/\u003e8.  SOUNDBITE (English) Ben Bernanke, Federal Reserve Chairman\u003cbr/\u003e++starts on reverse shot of Bernanke++ \u003cbr/\u003e\"To address both the near and longer term issues, the Congress and the administration should consider replacing the sharp front-loaded spending cuts required by the sequestration with policies that reduce the federal deficit more gradually in the near-term, but more substantially in the longer run.\"\u003cbr/\u003e9. Wide of Senate Banking Committee \u003cbr/\u003e10.SOUNDBITE (English) Ben Bernanke, Federal Reserve Chairman  \u003cbr/\u003e\"With respect to the sequester, the CBO (Congressional Budget Office) estimates that it would cost about 6/10 of a percent of growth in this year and the equivalent of about 750,000 jobs. So it would be a drag on near-term economic recovery. More broadly all of the actions taken this year according to the CBO would be a drag of about 1 1/2 percentage points which is quite significant.\"\u003cbr/\u003e11. Wide of Bernanke at the Senate Banking Committee hearing\u003cbr/\u003eFederal Reserve Chairman Ben Bernanke told Congress on Tuesday that its low interest-rate policies are giving key support to an economy still burdened by high unemployment.\u003cbr/\u003eBernanke signalled that the Fed's efforts to keep borrowing costs low would continue. \u003cbr/\u003eThe Fed chairman acknowledged the risks of keeping rates low indefinitely. \u003cbr/\u003eBut he expressed confidence that such risks pose little threat now.\u003cbr/\u003eDelivering the Fed's semi-annual monetary report to Congress, Bernanke sought to minimise concerns that the central bank's easy-money policies might cause runaway inflation later or dangerous bubbles in assets like stocks. \u003cbr/\u003eHe sought to reassure sometimes-sceptical senators that the Fed is monitoring potential threats and can defuse them before they hurt the economy.\u003cbr/\u003eSeveral Fed policymakers said at their most recent meeting that the Fed might have to scale back its bond purchases because of those risks. \u003cbr/\u003eBut Bernanke gave no signal that the Fed might shift away from its low-interest-rate policy. \u003cbr/\u003eHe said its aggressive programme to buy 85 (b) billion US dollars a month in Treasurys and mortgage bonds had kept borrowing costs low. \u003cbr/\u003eAnd that, in turn, has helped strengthen sectors such as housing and autos, he said.\u003cbr/\u003eOn budget policy, Bernanke urged Congress to replace the automatic spending cuts due to start on Friday with more gradual reductions in budget deficits in the short run. \u003cbr/\u003eHe noted that the Congressional Budget Office estimates that the automatic spending cuts that take effect on Friday would shave growth by 0.6 percentage point this year.\u003cbr/\u003e\"Congress and the administration should consider replacing the sharp, front-loaded spending cuts required by the sequestration with policies that reduce the federal deficit more gradually in the near term but more substantially in the longer run,\" Bernanke said.\u003cbr/\u003eEconomists said Bernanke made clear the Fed has no plans to scale back its pace of bond purchases.\u003cbr/\u003eAddressing concerns that the bond purchases, which have pushed the Fed's balance sheet to a record high above 3 (t) trillion US dollars, could trigger high inflation, Bernanke said inflation was \"currently subdued and inflation expectations appear well-anchored.\" \u003cbr/\u003eBernanke's testimony to the Senate Banking Committee is being watched by investors concerned about the doubts raised by some Fed officials about whether the bond purchases should continue.  \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 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