September's cut has helped markets, says Bernanke

Ben Bernanke, the chairman of the Federal Reserve, said that September's 50-basis point cut has alleviated the credit crunch.

Speaking in New York on Monday, Bernanke said: "It does seem that, together with our earlier actions to enhance liquidity, the September policy action has served to reduce some of the pressure in financial markets, although considerable strains remain."

Bernanke was cautious, warning that "a full recovery of market functioning is likely to take time" and that "we may well

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