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More Signs Of A Fed Intervention?

Vice Chair of the Federal Reserve Janet Yellen addressed the Boston Economic Club tonight and her comments appear to suggest the acknowledgment of potential Federal Reserve action to ease monetary conditions. She said, "There are a number of significant downside risks to the economic outlook, and hence it may well be appropriate to insure against adverse shocks that could push the economy into territory where a self-reinforcing downward spiral of economic weakness would be difficult to arrest." In her address, Mrs. Yellen also noted recent developments the European sovereign debt crisis, stating that "The deterioration of financial conditions in Europe of late, coupled with notable declines in global equity markets, also serve as a reminder that highly destabilizing outcomes cannot be ruled out."

Federal Reserve Chairman Ben Bernanke is set to speak to Congress on Thursday and his comments may paint a more complete picture of Federal Reserve action.