Fed Chairman Calls Unemployment Rate A Grave Concern

The Chairman of the Federal Reserve used unusually strong language in his remarks about the economy.  His comments signal that the Fed will make further efforts to strengthen the economy.  In particular, he said that interest rates would be kept close to zero beyond 2014.  He also referred to other actions that the Fed might take because of his concerns about Europe and the weakness of the global economy.

The Federal Reserve has a twin mandate to maintain price and unemployment stability.  Republican's have tried to keep the Fed from doing anything to improve the employment rate prior to the election.  Mitt Romney, would prefer to run against the President in a weak economy.  The GOP has resisted almost every effort by the administration to strengthen the economy prior to the election.  They put party interests ahead of the public interest.