Fed still upbeat
The chairman of the US Federal Reserve, Ben Bernanke, pictured, has told the Senate banking committee the Fed's economic stimulus campaign was necessary and effective. He made it clear it was likely to continue for some time. Mr Bernanke was upbeat about the US economy, which he said was growing again. But he noted that unemployment was too high. The Fed, which has amassed almost $US3 trillion in Treasury and mortgage-backed securities, is expanding those holdings by $US85 billion a month until it sees the labour market improving.
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