Ben Bernanke's last scheduled news conference as Federal Reserve chairman ran a little over an hour. Here's our condensed version of the highlights.
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We certainly not giving up. We intend to maintain a highly accommodative policy well beyond the point unemployment -- six and a half percent. Today's policy actions reflect committee's assessment that the economy is continuing to make progress we expected growth to pick up somewhat coming quarters. The incoming data broadly support the committee's outlook we will let you reduce the face of securities purchases in further measured steps. At future meetings I have always consult closely with Janet. And she fully supports. We did this. Asset purchases brought down. Long term interest rates are down mortgage rates and we've seen responses encouraging numbers in terms of household spending for example auto purchases and we are seeing progress in the labor market all that being said we we have been a disappointment in the pace of growth of fiscal policy has been contraction -- -- that a lot of headwinds we were slow to recognize the crisis I was slow to recognize the crisis I think going forward we're much better prepared. Do you what these kinds of events.