Ben Bernanke, the chairman of the Federal Reserve, gave a speech today, June 7th, titled “The U.S. Economic Outlook“.
The Fed will complete the recent stimulus plan of purchasing $600 billion worth of Treasury securities by the end of this month. Bernanke addressed the recent disappointing financial indictors regarding the progress of the U.S. economy in 2011.
“As I have discussed today, the economic recovery in the United States appears to be proceeding at a moderate pace”
He also said that unless there will be a change in the Federal Open Market Committee’s (FOMC) projections regarding the expected low US inflation rate in the near future, FOMC will maintain in the near future the low interest rates:
“The Committee also continues to anticipate that economic conditions are likely to warrant exceptionally low levels for the federal funds rate for an extended period.”
He referred to the very rising commodities prices that were analyzed by demand and supply changes on a global level.
The current Nymex crude oil price, short term futures (July 2011 delivery) is traded up at $99.25 per barrel as of 20:45*.
The Dated Brent spot oil price inclines by $2.52 per barrel and it is at $116.54 per barrel as of 20:57*.
The Nymex Henry Hub Future (Natural gas) short term (July delivery) is currently traded down at $4.81 / mmbtu as of 20:47*;
Current gold price, short term futures (July 2011 delivery) is traded at $1,546.2 per t oz. a $1 decrease or 0.06%, as of 20:39*.
Euros to USD is currently traded down at 1.4685 a 0.7530% increase as of 20:57*.
The Canadian exchange rate compared with USD is traded down at 0.975 a 0.6035% decrease as of 20:57*.
For more on this subject:
- Crude oil prices outlook – 7 June
- Gold & Silver Price – Daily Outlook 7 June
- Weekly outlook for June 6 – 10