Good News For Global and US Stock Market: Bernanke Says Fed Is Prepared To Act

The Chairman of the Federal Reserve, Ben Bernanke, said in a speech today that the Fed was “on the ball” and “prepared to act” to stop any crisis unfolding in the financial markets and US economy.

Ben Bernanke made this speech at an annual Federal Reserve conference and he said that the Fed was paying “particularly close attention to the timeliest indicators” regarding the credit crunch and mortgage crisis in the USA at the moment.

“Well-functioning financial markets are essential for a prosperous economy,” Bernanke said, but many feel that an interest rate cut is needed to save the markets.

Market analyst Sam Kirtley of The Gold Prices Newsletter said: “All this talking is nice, but action is what is needed to stop the mortgage crisis right now. The Fed need to cut interest rates if they want to save the US housing market. However, by doing this they will send the US dollar plunging and gold prices soaring. We think the Fed will cut interest rates soon, and so we had told our readers to invest in gold and gold stock as when the rate cut comes, these investments will soar”.

 

 

George Bush is set to make a speech about the US subprime crisis shortly, stay tuned to PR Business for updates.

 

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