Bernanke Signals More Rate Cuts In Congressional Testimony
I am not sure if this will impact the mortgage markets, but Bernanke just hinted that there will be more rate cuts in the coming months. He was speaking to the Senate Banking Committee this morning.
Economists are fearing a recession based upon a weak housing sector and tougher corporate earnings. The rate cuts would be used to help prop up the economy, but also will provide a boon to homeowners with adjustable rates and looking to purchase new homes.
“At present, my baseline outlook involves a period of sluggish growth, followed by a somewhat stronger pace of growth starting later this year as the effects of monetary and fiscal stimulus begin to be felt,” Mr. Bernanke said in prepared testimony to the Senate Banking Committee. (Read the full testimony)
But while he envisions “an improving picture” on the economy, Mr. Bernanke cautioned that “downside risks to growth remain, including the possibilities that the housing market or the labor market may deteriorate to an extent beyond that currently anticipated, or that credit conditions may tighten substantially further.”
The Federal Open Market Committee, he said, “will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks.” He also signaled that future policy moves will depend on the Fed’s medium-term forecast for growth and inflation “as well as the risks to that forecast,” since policy works with a lag. via WSJ.com.
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