Fed’s Ben Bernanke: FOMC still anticipating economic conditions will warrant low levels to fed funds rate at least through late 2014

Bernanke: Securities program should put downward pressure on long-term IR, making conditions more accommodating, supporting econ recovery

Bernanke: FOMC anticipates inflation over median run at or below 2% rate it judges most consistent w/ statutory mandate for price stability

Bernanke: We have had to add additional accommodation going forward. The headwinds keep the economy from being as strong as we would like

Bernanke: Econ data somewhat disappointing, but not clear how to read, particularly w/ seasonal adjustment. Europe has additional problems

Bernanke: Monetary policy still does have some capacity to strengthen the economy by easing financial conditions

Bernanke: We can lower rates more, but Twist and asset purchases work by acquiring securities in mkt, bringing them onto Fed’s balance sheet

Bernanke (2):…inducing investors to move to substantive securities

Bernanke: Fed frequently consulting, prepared to work w/ Europe, if it can constructively be done. At this point mostly in consultation mode

Bernanke: I don’t think it is accurate to say the Federal Reserve policy is not helping the broad public

Bernanke: There has been impact through lower interest rates, but more broadly is the indirect impact

Bernanke: Part of Volcker Rule relevant for JPMorgan is control of governance. “That might have potentially changed the outcome.”

Bernanke: Fed still has considerable scope to do more. “We will continue to monitor the economy, see how things evolve.”

Bernanke (2): We’re looking primarily at labor mkt in this respect. If not seeing sustained improvement in labor, additional action required

Bernanke: With two new govs, first time had seven govs at at FOMC meeting since 2005