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Bernanke in no rush

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Old 10-13-2009, 07:18 PM
irahat irahat is offline
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Default Bernanke in no rush

Federal Reserve chairman Ben Bernanke is downplaying hopes of a U.S. rate hike - following Australia's rate move earlier this week. Bernanke says "accommodative policies will likely be warranted for an extended period." By that he means keeping interest rates near zero, where they've been since December 2008. But the Fed chief says policymakers have begun the debate on when to remove stimulus in fear of triggering an inflationary surge.

Meanwhile, U.S. banks are expected to get hit with more losses tied to the residential real estate market. And there is a greater risk, according to one Wall Street firm, banks will start to get hit even harder from losses tied to commercial real estate investments. Many of the big banks will report their quarterly results next week.

In other news, the U.S. trade gap surprisingly got smaller in August thanks to rising exports.

Finally, U.S. lawmakers are urging the Federal Communications Commission to look into Google's ability to block expensive calls to rural areas via its Google Voice service. The probe would be the latest in a spat that pits Google against AT&T and Apple, which have blocked Google Voice software from the iPhone.
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