英语文摘：Bernanke defends Fed's dramatic easing monetary policy

WASHINGTON, Nov. 4 (Xinhua) -- The U.S. Federal Reserve's new round of buying government longer-term bonds was to support the recovery and sustain price stability, Fed Chairman Ben Bernanke said Thursday.

With economic growth at only 2 percent and unemployment hovering near double digits, "we hardly will be satisfied," Bernanke said in an article published by the Washington Post.

The Fed's monetary policymaking committee -- the Federal Open Market Committee (FOMC) announced Wednesday it would restart a controversial policy known as quantitative easing by buying 600 billion dollars more in Treasury bonds to boost the sluggish economic growth.

But this move has triggered wide concerns and criticism. Many economists are skeptical about the effectiveness of the policy and worry that the Fed's action will create a new round of asset bubbles and harm the global economy.

Bernanke said it was in line with the Fed's dual mandate of promoting a high level of employment and low, stable inflation.

He argued that "this approach eased financial conditions in the past and, so far, looks to be effective again."

"Stock prices rose and long-term interest rates fell when investors began to anticipate the most recent action. Easier financial conditions will promote economic growth," he said.

"Although asset purchases are relatively unfamiliar as a tool of monetary policy, some concerns about this approach are overstated," Bernanke said.

The central banker acknowledged that "the Fed cannot solve all the economy's problems on its own ...But the Federal Reserve has a particular obligation to help promote increased employment and sustain price stability. Steps taken this week should help us fulfill that obligation."