Bernanke delivering the opening statement of his press conference:

  • Inflation likely to move back toward 2%
  • Says Fed now not expected to sell MBS when it unwinds asset purchases
  • The phase ‘at least as long’ is important
  • The levels noted are thresholds, not triggers
  • Moves depend on broad outlook
  • The more subdued inflation is at the time thresholds are reached, the more patient the Fed will be
  • Fed expects ‘a considerable amount of time’ between halting QE and raising rates