Action Insight | Written by ActionForex.com | Feb 28 07 14:16 GMT | Forex Mid-Day Technical Report Market Remains Steady after US Q4 GDP Downward Revision Markets remain steady in tight range after US Q4 GDP prelim estimate which showed downward revision from advance estimate’s 3.5% to 2.2%. The downward revision was primarily led by smaller inventory accumulation, weaker growth in personal consumption expenditures and higher imports. But still, that was slightly better than Q3’s...
Bernanke urges action on budget deficits
February 28, 2007 on 5:59 pm | In Currency |
WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that the administration and federal regulators are closely monitoring financial markets in the wake of the biggest sell-off in stock prices in more than five years but so far the markets appear to be “working well.”
Bernanke said there did not appear to be a “single trigger’ to Tuesday’s big drop, which saw the Dow Jones Industrial average fall by 416.02 points.
Testifying before the House Budget Committee, Bernanke also said there had been no major change in the outlook for the economy, reiterating that the Fed expects “moderate growth” this year.
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