《2月7日伯南克在货币预算的发言》.pdf

For release on delivery 10:00 a.m. EST February 7, 2012 The Economic Outlook and the Federal Budget Situation Remarks by Ben S. Bernanke Chairman Board of Governors of the Federal Reserve System before the Committee on the Budget United States Senate February 7, 2012 Chairman Conrad, Ranking Member Sessions, and other members of the Committee, I appreciate this opportunity to discuss my views on the economic outlook, monetary policy, and the challenges facing federal fiscal policymakers. The Economic Outlook Over the past two and a half years, the U.S. economy has been gradually recovering from the recent deep recession. While conditions have certainly improved over this period, the pace of the recovery has been frustratingly slow, particularly from the perspective of the millions of workers who remain unemployed or underemployed. Moreover, the sluggish expansion has left the economy vulnerable to shocks. Indeed, last year, supply chain disruptions stemming from the earthquake in Japan, a surge in the prices of oil and other commodities, and spillovers from the European debt crisis risked derailing the recovery. Fortunately, over the past few months, indicators of spending, production, and job market activity have shown some signs of improvement; and, in economic projections just released, Federal Open Market Committee (FOMC) participants indicated that they expect somewhat stronger growth this year than in 2011. The outlook remains uncertain, however, and close monitoring of economic developments will remain necessary. As is often the case, the ability and willingness of households t