MINNEAPOLIS, Sept. 8 (UPI) -- U.S. Federal Reserve Chairman Ben Bernanke said Thursday the Fed has options for adding economic stimulus, but he left hints on the bank's next move holstered.
In a speech at the Economic Club of Minnesota, Bernanke said the central bank would employ "as appropriate … a range of tools that could be used to provide additional monetary stimulus." He did not specify the tools he had in mind but said policymakers would review options in the next Open Market Committee meeting scheduled for Sept. 21.
Bernanke described the economy as "sluggish" and said actions taken from the start of the crisis three years ago helped prevent "the looming collapse" but that "despite these strong and concerted efforts, severe damage to the global economy could not be avoided."
He said the recovery to date has been much less robust than we had hoped."
On Wall Street, stocks that were wobbling but breaking even through the day moved lower in afternoon trading. Bernanke, who has frequently described financial firms as gaining strength through government interventions, said financial stress "continues to be a significant drag on the recovery, both here and abroad."
