Bernanke speaks, ignores dollar and signals no policy shift
"Despite the initial successes of Asian economic policies, risks remain. As in the advanced economies, unwinding the stimulative policies introduced during the crisis will require careful judgment. Policymakers will have to balance the risks of withdrawing policy support too early, which might cut short a nascent recovery, against the risks of leaving expansionary policies in place for too long, which could overheat the economy or worsen longer-term fiscal imbalances. In Asia, as in the rest of the world, the provision of adequate short-term stimulus must not be allowed to detract from longer-term goals, such as the amelioration of excessive global imbalances or ongoing structural reforms to increase productivity and support balanced and sustainable growth."
Bottom line: I doubt these comments will do much for the beleaguered dollar, which was weakening into the release of Bernanke's remarks at 11 a.m. Indeed, I believe Bernanke's silence on the greenback speaks volume about how much he cares (read: not at all, as I spelled out last week).