Bernanke: QE has and can work more (by Greg Robb)

WASHINGTON (MarketWatch) - Federal Reserve Board Chairman Ben Bernanke called the stagnation in the U.S. labor market a grave concern and said he was open to using more quantitative easing as needed to help. In a speech at the Fed's Jackson Hole retreat, Bernanke did not pre-commit to taking action. But he did reinforce the case for more asset purchases. He downplayed the costs of quantitative easing and said the program has worked to "provide meaningful support" to the recovery. Bernanke called current growth "tepid" and said the economy was "far from satisfactory." "Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability," Bernanke said.