Bernanke: Fed's Work To Support Economy Still Ongoing

(RTTNews) - The Federal Reserve's job of helping the U.S. economy recover from the 2007-2009 recession is ''still ongoing," according to outgoing Fed Chairman Ben Bernanke.

In prepared remarks made at an event celebrating the 100th anniversary of the Federal Reserve, Bernanke talked about unprecedented measures taken in support of the economy.

The key to successful Fed policy, Bernanke said, has been to effectively communicate the central bank's intentions to the U.S. public.

The Fed's ability to make and implement decisions "ultimately depends on the public's understanding and acceptance of our actions,'' Bernanke said, flanked by former Fed chairmen Paul Volcker and Alan Greenspan.

"For this reason, we must continue to emphasize two other essential values—transparency and accountability,'' Bernanke added.

"Ultimately, the legitimacy of our policies rests on the understanding and support of the broader American public, whose interests we are working to serve.''

Bernanke, who steps aside next month after eight years as the world's most powerful central banker, offered few hints about this week's closely watched monetary policy decision.

Markets expect the Fed to decide on a modest taper of their $85 billion per month bond buying plan, or QE3, on Wednesday.