Tuesday, 14 April 2009
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Recession easing, financial stability needed: Feds
WASHINGTON (AFP) – Federal Reserve chief Ben Bernanke said Tuesday that there were initial signs that the prolonged US recession may be easing but warned of the need for financial stability for full recovery.
He said he saw "tentative signs that the sharp decline in economic activity may be slowing," citing data on home sales, home-building and consumer spending, including sales of new motor vehicles.
While a levelling out of economic activity was the first step toward recovery, he said, "To be sure, we will not have a sustainable recovery without a stabilization of our financial system and credit markets.
"We are making progress on that front as well, and the Federal Reserve is committed to working to restore financial stability as a necessary step toward full economic recovery," he said in a speech at Morehouse College in Atlanta, Georgia.
A key concern hanging over markets is the massive amounts of "toxic" assets remaining on the balance sheets of banks reeling from financial turmoil stemming from a home-mortgage meltdown that has slammed the brakes on growth.
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