February 16, 2006
TALKING THEM DOWN BEATS HIKING THEM DOWN:
Market watch: New Fed chief talks (Chicago Sun-Times, February 16, 2006)
Crude oil dropped below $58 a barrel for the first time this year, triggering speculation that falling energy costs might bolster consumer spending.Posted by Orrin Judd at February 16, 2006 9:11 AM
Bernanke, in his first testimony to Congress, said sustained U.S. economic growth might lead to rate increases to contain inflation. Stocks slipped to the day's lows after his comments, only to rebound as oil retreated.
"No doubt a fall in energy prices makes his job over the next 12 months easier," said Jeff Kleintop, who helps manage $50 billion as chief investment strategist of PNC Advisors in Philadelphia.