LIVE: Bernanke Testifies Before Congress
After Bernanke reads the opening statement, there will be a Q&A.
The full text of Bernanke's remarks was released at 8:30 AM in order to give members of the House Financial Services Committee time to come up with questions that weren't already addressed in the statement.
Perhaps the most important takeaway: the path of quantitative easing is not on a preset course, especially given the recent surge in bond yields.
"I emphasize that, because our asset purchases depend on economic and financial developments, they are by no means on a preset course," said Bernanke. "On the one hand, if economic conditions were to improve faster than expected, and inflation appeared to be rising decisively back toward our objective, the pace of asset purchases could be reduced somewhat more quickly. On the other hand, if the outlook for employment were to become relatively less favorable, if inflation did not appear to be moving back toward 2 percent, or if financial conditions -- which have tightened recently -- were judged to be insufficiently accommodative to allow us to attain our mandated objectives, the current pace of purchases could be maintained for longer."
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