Federal Reserve Chairman Ben Bernanke hints at rate cut
AFTERNOON CHATTER
Federal Reserve Chairman Ben Bernanke hinted that a mortgage rate cut might be coming soon.
"In light of these developments, the Federal Reserve will need to consider whether the current stance of policy remains appropriate," Bernanke said.
The Fed cut interbank lending rates to 2.0 percent in seven steps between mid-September of last year and the end of April in a bid to put a floor under the economy.
At this point there is probably little the Federal Reserve can do to boost the economy if the government bailout has helped so little so far.
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