Bernanke: Monetary Policy Not 'Panacea'; Says Fed Alone Cannot Fix Unemployment

September 13, 2012 2:37 PM EDT
Fed chair Ben Bernanke, in his post-FOMC press conference, said the moves by the FOMC were not a panacea and that the weaker economy would require more Fed support.

In addition, Bernanke noted that the Fed cannot entirely fix unemployment and called on lawmakers to assist the process along.

Earlier, the FOMC said it would continue Operation Twist and will purchase additional agency mortgage-backed securities at a pace of $40 billion per month. Click here for more.

U.S. markets are markedly higher: S&P 500 up 23 points, the Nasdaq up 48 points, and Dow Jones up 204 points.

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