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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Fed not in the business of inflation: Bernanke AFP - Sunday, November 7 Send IM Story Print Fed not in the business of inflation: Bernanke JEKYLL ISLAND, Georgia (AFP) - – The Fed's decision to pump hundreds of billions of dollars into the economy can improve growth without sparking inflation, Federal Reserve Chairman Ben Bernanke said Saturday. "I have rejected any notion that we are trying to raise inflation to a so-called normal level in order for that to have effects on the economy," Bernanke said. He spoke at an event held by the Federal Reserve Bank of Atlanta to commemorate the centennial of the Fed's birth, shrouded in secrecy on Jekyll Island in Georgia. On Wednesday, the Fed's policymaking Federal Open Market Committee agreed to spend 600 billion dollars in Treasury securities through mid-2011 to keep a fragile recovery moving and ease high unemployment. But the Fed's gambit raised protests from at least one FOMC member who fears it is an overreaction that will fuel long-term inflation. Bernanke launched a staunch defense of the move, known as quantitative easing, saying it was simply monetary policy that involves the swapping of assets. "We're not in the business of trying to create inflation," he said. "I think it's critical for us to maintain inflation at an appropriate level." Bernanke, under fire for the Fed's recent actions, explained that the central bank was "equally committed" to both sides of its mandate -- price stability and maximizing employment. Brazil, China and South Africa have warned the Fed's decision would hurt emerging markets. France and Germany also joined the chorus of criticism, amid concerns the move could dilute the dollar's value against the euro, increase the cost of eurozone exports and hurt eurozone recovery. Recommend Send IM Story Print News Search Top Stories Fed not in the business of inflation: Bernanke Yemen orders arrest of US-born cleric Awlaqi German protesters mobilise against nuclear waste train Kubica tops final practice in Brazilian GP Dell has not ruled out going private, CFO says More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended World's oldest axe found in Australia Dell has not ruled out going private, CFO says RBS bank plunges back into loss NASA comet fly-by yields rare images from deep space Atom smasher ventures deeper into 'new frontier' More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France Spectacular unknown species found in Amazon Ancient galaxy is more than 13 billion light years away Moon's 'treasure chest' includes silver More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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