"Bernanke: Fed Was 'Too Optimistic' About Recovery" PBS Newshour 6/20/2012
Excerpt
JEFFREY BROWN (Newshour): The nation's economic outlook is worse now than just two months ago. The Federal Reserve issued a sobering new estimate today, in the face of a weak job market and trouble in Europe.
All eyes and markets looked to the Federal Reserve as it wrapped up its two-day policy meeting. When it was over, the Central Bank had lowered its estimate of growth this year by half-a-percentage point to 2.4 percent and said it expects the unemployment rate to remain at least 8 percent through 2012.
BEN BERNANKE, federal reserve chairman: The outlook has changed. Like many other forecasters, the Federal Reserve was too optimistic early in the recovery about the pace of recovery.
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