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Ch 312.444.4145 312.557.2675 fax plk1 ntrs.com Asha Bangalore Economist 312.444.4146 312.557.2675 fax agb3 ntrs.com Let me begin by saying that I thought Ben Bernanke communicated uncommonly clearly for a Fed chairman in his prepared testimony before the Joint Economic Committee on April 27. I heard Chairman Bernanke saying in so many words: (1) that there were important lagged effects of past Fed policy actions, (2) that the Fed s consensus forecast for economic growth, which attempts to i.
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