“This process is likely to take some time”
Turmoil in financial markets has eased somewhat, but the situation is still “far from normal,” Federal Reserve Chairman Ben Bernanke said Tuesday.
The central bank has taken a number of unconventional steps - especially since March, when the credit crisis intensified - to help squeezed banks and big investment firms overcome problems and try to get credit flowing more freely again.
Those efforts appear to be paying off and “have contributed to some improvement in financing markets,” the Fed chief said in prepared remarks delivered via satellite to a financial markets conference sponsored by the Federal Reserve Bank of Atlanta in Sea Island, Ga. Read more
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