Bernanke: Recovery “May Be Taking Hold”


Fed Chair cites improvements in consumer spending, labor market in sunny congressional testimony Friday.

And/But:Gives no indication Fed will pare back asset purchasing program.

Some presidents have had political alliances with the Fed chair; some White Houses have been in a cold war with the Fed. In both policy outlook and monetary decisions, Obama and Bernanke have seemed in pretty close sync so far, but there isn't the close public relationship that would give the president some sort of boost from their de facto coalition. And as long as the right demonizes Bernanke's actions, any public linkage between the White House and the Fed won't do much good with conservatives. On the other hand, like so much of the current Obama agenda and needs, anything that helps the White House with Big Business is a good thing politically.
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