- "Conditions in the job market today are still far from what all of us would like to see," says Ben Bernanke in the opening statement of his post-FOMC meeting press conference. He notes wages are flat and labor force participation is down even as the headline UE rate declines.
- The slowdown in government spending is clearly on his mind, and he says fiscal headwinds have lowered GDP by 1% or more and lowered employment by hundreds of thousands of jobs.
- He again mentions any hikes in the Fed Funds rate will likely come long after the unemployment rate falls to 6.5%.
- Webcast.