Federal Reserve Chairman Ben Bernanke on Friday said the Fed will use all tools to stabilize markets and set the stage for an economic recovery but provided no time frame for when a recovery will occur.
The Federal Reserve will make responsible use of all of its tools to stabilize financial markets and institutions, to promote the extension of credit to creditworthy borrowers, and to help build a foundation for economic recovery, Bernanke said in remarks prepared for delivery to a conference organized by the Richmond Federal Reserve Bank.
Bernanke did not address the jump in unemployment and job losses in March reported earlier on Friday, and did not say when he expects the economy to rebound.
Relieving disruptions in credit markets and restoring the flow of credit to households and businesses are essential if we are to see, as I expect, the gradual resumption of sustainable economic growth, he said.
(Reporting by Mark Felsenthal; Editing by Neil Stempleman)