Bernanke Gives Nothing To QE3 Beggars

(AP) WASHINGTON – The U.S. economy has weakened and the Federal Reserve is ready to take further action to bolster growth if conditions don’t improve, Chairman Ben Bernanke told a congressional panel Tuesday. 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 was ready to launch another round of bond purchases, which aim to drive down long-term interest rates and encourage more borrowing and spending.

Bernanke is delivering his mid-year report on the economy to the Senate Banking Committee. He’ll testify Wednesday before the House Financial Services Committee.

His report comes as job growth has slumped, manufacturing has weakened and consumers have grown more cautious about spending.

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