Fed Says Markets ‘Working Well’

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Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that the administration and federal regulators are closely monitoring financial markets in the wake of the biggest sell-off in stock prices in more than five years but so far the markets appear to be “working well,” the Associated Press reports.


Facing his first market crisis since taking the top Fed job a year ago, Bernanke answered questions on Tuesday’s market plunge with a calm, matter-of-fact demeanor, explaining developments in plain language without any of the famously opague language that his predecessor, Alan Greenspan, sometimes used.


In what might have been a reference to Greenspan, Bernanke testified at one point that there did not appear to be a “single trigger” to Tuesday’s sharp sell-off, which saw the Dow Jones industrial average fall by 416.02 points.


Read the full Associated Press story

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