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SALT LAKE CITY -- People on Wall Street are on the edges of their seats this morning. For the first time ever, Federal Reserve Chairman Ben Bernanke will hold a news conference.
Even a few words from Bernanke can fuel a market swing. So, the fact he's sitting down to field questions from the media is unprecedented. It hasn't happened in the 98-year-history of this country's central bank.
Related:
Stocks set to rise ahead of Fed news conference
Stocks are set to rise Wednesday ahead of Federal Reserve Chairman Ben Bernanke's latest assessment of the health of the U.S. economy.No major announcements are expected at Bernanke's 30 minute question and answer session around 12:14 Mountain Time.
Eamon Javers of CNBC said, "Well, Americans are going to get a chance to hear from the one guy who more than anyone else in the country controls the U.S.'s ability to recover from this economic collapse."
Bernanke has been promising more openness ever since his confirmation hearing in 2005. He talks to Congress regularly but makes far fewer media appearances. The Federal Reserve was criticized during the financial crisis for a lack of transparency.
Bernanke certainly is well aware of the impact his comments can have on the markets. That's one of the reasons something like this hasn't happened until now.
Fed watchers do anticipate Bernanke will say the economy still needs the central bank's monetary support. Likely he will be questioned about inflation and oil prices.
Today's media event is a stunning departure from the past. In the 1980s, the Federal Reserve didn't even send out a press release for a change in interest rates.
E-mail: aadams@ksl.com
