April 5 (Bloomberg)--, Federal Reserve Chairman Ben Bernanke s. said policy makers should look "extremely close" inflation for evidence that increased raw materials costs have more than a temporary impact on the consumer price.
"If long as inflation expectations remain well anchored and stable" and the increase in raw material prices slows, as is forecast, then "the increase of inflation will be transient", after a speech at Stone Mountain, Bernanke said yesterday in response to questions from the auditoireGéorgie. "" We have control of inflation and of extremely close inflation expectations because if my assumptions are no step to be correct, then we would certainly respond to that and to ensure that maintain us price stability ", he said.The dollar against the euro and the yen rose after the comments, which are similar to the testimony of the Congress of Bernanke and the Declaration of the Federal Open Market policy setting Panel last month. He said legislators 1 March that Fed officials "will continue to follow closely these developments and are ready to meet the need," whereas on 15 March, the FOMC said that he "will pay great attention to the evolution of inflation and inflation expectations."84.36 Pink dollar Yen at 10: 11 pm in Tokyo of the spare yesterday after more early touch 84.49. Against the euro, the dollar strengthened to $ 1.4221.Responding $1.4199 to another question yesterday about housing, Bernanke said that the Fed expects a "very high" seizures this year, which interferes with the construction and real estate and creates a drag on recoverythat he is "not as strong that we would like to be."Department of Commerce of GaugeThe award reported last week that gauge price preferred fed index of personal consumption spending, excluding food and energy, increased 0.9% in February from the previous year. Including all, prices rose 1.6%, compared with an increase of 1.2% through January.Fed 12 months aimed at officials of annual inflation in the long term from 1.6% to 2%.Bernanke, in its response, yesterday acknowledged gains in prices of products, including metals, cereals and energy. The national average price of gasoline rose to $3.55 March 15 $ 3.07 January 1. Gasoline has increased further after the Fed meeting on 3 April the FOMC, directed by Bernanke to $3.66 said after its last meeting, that the economy is on a "firmer footing" and confirmed plans to buy Treasury bonds in June $ 600 billion. Bernanke has not said what it promotes the next monetary policy move after that.Close to ZeroThe Fed held its interest rates near zero since December 2008 reference and last month reiterated that he would stay there for a "long period".Despite this, some policy makers who have broken with before Bernanke discussed the need to tighten credit. Philadelphia Fed President Charles Plosser, dissenting twice more decisions to lower borrowing costs in 2008, stated on 1 April in Harrisburg, in Pennsylvania, and an increase in growth or inflation expectations can "indicate that it is time to start taking our foot from the accelerator and start toward the exit ramp."While Bernanke "remarks echoed the vigilance on inflation expectations which was present in the last statement of the meeting, it was certainly less bellicose" than the recent comments of some regional Fed Presidents, Michael Feroli, Chief U.S. economist for JPMorgan Chase & Co. in New Yorksaid in a research note.Did not discuss PolicyBernanke has not been interrogated on a not discuss interest rates. New York Fed President William Dudley, Vice-President of the FOMC, stated on 1 April that growth faster than expected March payroll should not modify program buy bonds from the Central Bank to support the recovery. "I see no reason to get out of that yet," Dudley said to reporters after a speech in San Juan, Puerto Rico.Dudley also said that "the prices of raw materials provided off around, complete of current levels the effect on inflation should be short-lived." "" "But we need to ensure that the pressure on the prices of raw materials do not cause of inflation become unmoored expectations."Arranged Bernanke's remarks focused on the regulation of resource centres for financial transactions. Bernanke said that the United States should submit these institutions to the monitoring of the "strong" risk management to minimize the chance that they will need Government assistance emergency.Fed officials are "nervous" on inflation, including food and energy, said Jason Schenker, an economist who attended Bernanke speeches. "Everything depends, really, what is happening with the prices of raw materials," Schenker, President of Prestige Economics LLC in Austin, Texas, said after Bernanke spoke. " "They are still very high, it is difficult."-With the help of Joshua Zumbrun in Washington. Editors: James Tyson, Christopher Wellisz
To contact the reporter on this story: Scott Lanman in Washington at slanman@bloomberg.net.
To contact the editor responsible for this story: Christopher Wellisz to the cwellisz@bloomberg.net
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