Bernanke tells Congress Fed flexible on bond buying
Wednesday, July 17, 2013 - 00:51
July 17 - Fed Chairman Bernanke says the U.S. central bank still expects to start scaling back its bond buying, but is flexible if outlook shifts. Rough Cut (no reporter narration).
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STORY: Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. central bank still expects to start scaling back its massive bond purchase program later this year, but he left open the option of changing that plan if the economic outlook shifted.
While sticking closely to a time-line to wind down the bond buying that he first outlined last month, Bernanke went out of his way to stress that nothing was set in stone.
"Our asset purchases depend on economic and financial developments, but they are by no means on a preset course," he said in prepared remarks to the House of Representatives Financial Services Committee.
The remarks pushed up U.S. stock futures and government bond prices, while the dollar softened against the euro and the yen.
Bernanke's semi-annual testimony to Congress, which may be his last if he steps down when his term as chairman ends in January, as many expect, will be followed by a lengthy question and answer session with the committee's members.
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