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Markets rally amid Bernanke optimism

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Markets rally amid Bernanke optimism


The chairman of the US Federal Bank has given his strongest indication yet that he thinks the global recession could be coming to an end.

Ben Bernanke said on Friday at a conference of central bank chiefs in Wyoming, that near-term prospects for economic growth in the US and abroad were good. Better-than-expected figures on the US housing market appeared to reinforce his optimism, which is shared by many Wall Street analysts. Beth Ann Bovino, a senior economist at Standard & Poor’s, said: “The comments that Bernanke made were certainly somewhat expected and this is certainly what has been the Fed’s party platform. I guess you could say with their statements that they are seeing some signs of growth, improvement in the economy and that it looks like we are coming out of (recession.)” Bernanke’s assessment was welcomed on Wall Street where the Dow Jones closed at a 10-month high. But if Bernanke was upbeat, he was also keen to remain cautious, pointing out that problems with unemployment and credit could linger for a some time.

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