Former Federal Reserve Chairman Ben S. Bernanke said the U.S. economy should continue to recover, and he expects the central bank will continue to provide support to growth until the labor market is fully healed.
The following is a reformatted version of Federal Reserve Vice Chairman Janet Yellen’s prepared testimony for a Nov. 14 confirmation hearing before the Senate Banking Committee. She is President Barack Obama’s nominee to replace Fed Chairman Ben S. Bernanke when his term expires Jan. 31. The remarks were released today by the Fed.
Following is the text of a speech to be delivered today by Bank of Canada Governor Mark Carney. The text was released in Ottawa. The footnotes and charts in the original version have been removed from this text.
Thomas M. Hoenig , dressed in a gray suit, white shirt with French cuffs, and baby-blue tie, faces an edgy crowd of 150 people in a hotel meeting room in suburban Lenexa, Kan. A large “Kansas City Tea Party” banner covers a table at the door. Attendees wear anti-tax stickers on their lapels. This is not an after-dinner speech for which most central bankers would volunteer.
Last Friday’s disappointing U.S. jobs numbers came as less of a surprise to Ben Bernanke than to many others. The Federal Reserve chairman had warned that the earlier pace of improvement in the labor market might tail off. Unfortunately, being right about that won’t make his job over the coming months any easier.