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Bernanke offers no hints of imminent Fed action

Chairman Ben Bernanke offered a sour assessment of the U.S. economy Tuesday and said the Federal Reserve is ready to take further action if growth doesn't pick up.

By Martin Crustsinger | Updated on July 17, 2012

WASHINGTON (AP) — Chairman Ben Bernanke offered a sour assessment of the U.S. economy Tuesday and said the Federal Reserve is ready to take further action if growth doesn’t pick up. But Bernanke provided no clues about what steps the Fed might take or whether any action was imminent.

Investors were hoping Bernanke would signal that the Fed planned to launch another round of bond purchases, to drive down long-term interest rates and encourage more borrowing and spending.

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