Federal Reserve Chairman
Ben S. Bernanke is current Chairman of the Board of Governors of the United States Federal Reserve. A distinguished Princeton Economics professor specializing in monetary policy and macroeconomics Bernanke served the Federal reserve in... [more]
Ben S. Bernanke is current Chairman of the Board of Governors of the United States Federal Reserve. A distinguished Princeton Economics professor specializing in monetary policy and macroeconomics Bernanke served the Federal reserve in other roles before taking the chair.
Fed rate cut sparks rally in markets
New York stocks scored their biggest one-day jump yesterday in more than five years after the U.S. Federal Reserve acted decisively to ease the global credit crunch, while Canadian, European and most Asian markets reversed Monday's sharp sell-off.
The massive rally was in response to Federal Reserve chairman Ben Bernanke's decision to reduce the key short-term lending rate by three-quarters of a percentage point to 2.25 per cent, even if he didn't deliver the full-point cut many investors had hoped for.
The Dow Jones industrials surged 420.41 points, or 3.51 per cent, to 12,392.66, and the narrower S&P; 500 index was up 54.14 points, or 4.24 per cent, to 1,330.74.
The massive rally was in response to Federal Reserve chairman Ben Bernanke's decision to reduce the key short-term lending rate by three-quarters of a percentage point to 2.25 per cent, even if he didn't deliver the full-point cut many investors had hoped for.
The Dow Jones industrials surged 420.41 points, or 3.51 per cent, to 12,392.66, and the narrower S&P; 500 index was up 54.14 points, or 4.24 per cent, to 1,330.74.
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