Bernanke: No specific target for bond purchases

First Coast News

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By Brendan Smialowski, Getty Images In a speech Friday, Federal Reserve Chairman Ben Bernanke built a strong case for taking further steps to stimulate the recovery.

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WASHINGTON (AP) -- Chairman Ben Bernanke says the Federal Reserve does not have a specific economic target for its new stimulus program and will keep buying bonds until it sees more jobs, lower unemployment and stronger growth.

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"We are looking for on-going sustained improvement in the labor market," Bernanke said during a news conference Thursday after the Fed announced a series of bold stimulus to get the economy moving.  "There's not a specific number in mind. But what we've seen in the last six months isn't it."
    
The Fed said Thursday that it will spend $40 billion a month to buy mortgage bonds for as long as it deems necessary. It plans to keep short-term interest rates at record lows through mid-2015. And it's ready to try other measures if hiring doesn't improve.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

9/13/2012 3:02:50 PM (GMT -4:00)

First Coast News