Ben Bernanke has just delivered his keynote speech at Jackson Hole (which you can read in full here). As expected, the US Federal Reserve Chairman did not announce a new round of quantitative easing, alluding only to the “range of tools” that could be used to provide further monetary stimulus. A formal decision on QE3 has been delayed until the next meeting of the Federal Reserve’s open market committee – the equivalent of the Bank of England’s monetary policy committee – which has been scheduled for two days instead of one to allow a “fuller discussion” to take place.
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