Bernanke’s crude shock

The US Fed reserve did something unprecedented on Tuesday by publicly stating that it will keep interest rates at near zero until 2013. Fed chief Ben Bernanke even indicated that a third instalment of quantitative easing was possibly on its way. No central banker in recent history would have announced a full two year policy of keeping interest rates at near zero! It shows partly a sense of resignation that nothing would change over the next few years.

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