Ben Bernanke speaks to 60 Minutes

Federal Reserve Chairman Ben Bernanke gave a rare interview to 60 Minutes last night to build consensus around the Fed’s latest round of bond purchases designed to lower interest rates on long term loans like mortgages. Bernanke reiterated that the Fed is willing to purchase more than the $600 billion that has been announced under its Quantitative Easing II (“QE2”) if the economy begins to falter. Lastly, he opined that unemployment could take four or five years to fall back to normal levels.

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