Ben Bernanke spoke today, explaining that growth for the year thus far has been slower than expected, noting high oil prices and the tsunami in japan as reasoning for the mediocre performance. He then goes on to say that the outlook for the second half of the year is good, and forecasts strong growth.
http://www.youtube.com/watch?v=-3WRAG8GqEo
Rarely does the chairman get down to specifics, but we will remember this growth forecast and hold him reasonably accountable for his words.
Something else to take away from his speech is the repetition of terms like "monitor", and "watch closely" that Bernanke uses superfluously to make it seem as if the fed has control over the economy. I'm at a loss to explain why the FED thinks it has a mandate to control the economy. Does stimulating our way out of a bubble deflate the bubble? Or does it just prolong the suspense? I suppose we will find out soon enough.
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