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The US Federal Reserve believes that the incoming US president will breathe fresh life into the economy but more may be needed to stabilise the country’s financial system.
Speaking at the London School of Economics yesterday, Federal Reserve chairman Ben Bernanke, said incoming president Barack Obama’s fiscal package would provide a “significant boost” to the US economy but warned that more would be needed to bolster America’s banks.
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"In my view, fiscal actions are unlikely to promote a lasting recovery unless they are accompanied by strong measures to further stabilise and strengthen the financial system," he said, The Guardian reported overnight.
He also promised that even with interest rates now at zero to 0.25 per cent, the central bank still had plenty of ammunition available to promote an economic recovery.
