Yields on US Treasuries fell sharply yesterday as Ben Bernanke outlined the Federal Reserve's plan to extricate itself from its policy of near-zero interest rates but stressed the economy was too fragile to implement it soon.
In response to increasing pressure from investors and politicians, Mr Bernanke set out the Fed's “exit strategy” for its policies, which have pumped huge amounts of liquidity into the economy, prompting fears about inflation.
But the Fed chairman stressed that in spite of glimmers of improvement in the economy, the Fed intended to keep interest rates extremely low for an “extended period”.
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