I think we need to be clear about conditioning our actions on how the economy evolves. And I think by changing the language, I thought it was inappropriate for us to do that.

It used the calendar. And while the language itself was conditional in the sense that this was the likely outcome, we already had that as the likely outcome through our extended period language.

So I didn`t think it was a well-crafted communication strategy that we used.

In attempting to explain why he signed an open letter opposing the 2009 stimulus package

A No, in fact I didn't sign that with a view of being opposed to the stimulus. I viewed signing that as stating my opposition to the idea that we all agree that the stimulus was good.

Q You mean, you were opposed to this assumption that, "we're all Keynesians" now that we're in a severe recession?

A Yes. The idea that there is some kind of uniform agreement among economists that the stimulus was a good thing, or more specifically, would lead to higher output, I didn't view that as being a settled question within the academe.

Bernanke said in response to questions about the Bartiromo affair, that what had happened was "a lapse in judgment on my part." He added, "in the future, my communications with the public and with the markets will be entirely through regular and formal channels.

Federal Reserve Chairman Ben S. Bernanke said investors and the media misread his congressional testimony last week as meaning the Fed is done raising interest rates, CNBC reported.

Bernanke said economic data will determine the Fed's rate moves, CNBC anchor Maria Bartiromo said, citing a discussion she had with Bernanke at the White House Correspondents' Association dinner in Washington on April 29.

"I asked him whether the markets got it right after his Congressional testimony and he said, flatly, no,'' Bartiromo said. "He said he and his Federal Open Market Committee members were basically trying to create some flexibility for the Federal Reserve, saying the Fed may pause but the data will really dictate whether more rate hikes will occur.''

[In response to the accidental ommission of "longer-term inflation expectations" sentence in the May FOMC statement]: It just was a doggone mistake and well, oops.  I don't know what else to say.