Chairman Ben S. Bernanke told lawmakers last week the “centralquestion” confronting the Federal Reserve at its next meeting iswhether growth is fast enough to make “material progress” reducingunemployment.
The answer may well be no.
Bernanke and his fellow policy makers gather June 19-20 torevise their economic projections after a report yesterday showingretail sales fell for a second month in May prompted economists atGoldman Sachs Group Inc. and Morgan Stanley to cut their growthforecasts. Fed officials, including Vice Chairman Janet Yellen,have said there's scope for further easing at some point to reducea jobless rate persisting above 8 percent.
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