Federal Reserve Chairman Ben Bernanke just gave what is likely to be one of his last speeches as Chair.
And the markets are applauding it. S&P 500 futures jumped by around 0.3%.
In one sentence, Bernanke simultaneously reiterated his outlook for monetary policy while endorsing incoming Chair Janet Yellen.
“The economy has made significant progress since the depths of the recession,” he said. “However, we are still far from where we would like to be, and, consequently, it may be some time before monetary policy returns to more normal settings. I agree with the sentiment, expressed by my colleague Janet Yellen at her testimony last week, that the surest path to a more normal approach to monetary policy is to do all we can today to promote a more robust recovery.”
Here’s the move in Dow futures via FinViz.