Fed Chair Ben S. Bernanke, in his prepared comments, observes:
"With the economy expanding at a solid pace, resource utilization rising, cost
pressures increasing, and short-term interest rates still relatively low, the
Federal Open Market Committee (FOMC) over the course of 2005 continued the
process of removing monetary policy accommodation, raising the federal funds
rate 2 percentage points in eight increments of 25 basis points each. At its
meeting on January 31 of this year, the FOMC raised the federal funds rate
another 1/4 percentage point, bringing its level to 4-1/2 percent."
On another note, how goddamned annoying is that CNBC sound effect? Jesus Christ, what are you people 4 years old? Its the Fed Chair, not a f*%$# video game.
I guess that means I am hungry and cranky. Time for a lunch break soon . . .
UPDATE: February 15, 2005 4:05pm
I was just looking over some of the Fed Chief’s testimony. The Capital
Surplus discussion made me giggle. Everytime I hear the "Savings Glut"
phrase, I cannot help but be reminded of Mr. Montgomery C. Burns (of
"Oh, meltdown. it’s one of those annoying "buzzwords." We prefer to call it an unrequested fission surplus."
Testimony of Chairman Ben S. Bernanke
Semiannual Monetary Policy Report to the Congress
Before the Committee on Financial Services, U.S. House of Representatives
February 15, 2006