WASHINGTON (AP) — Ben Bernanke is giving Princeton University's graduating class an unusual speech for a Federal Reserve chairman: He quotes everyone from Lily Tomlin to Forrest Gump and scarcely mentions economics.
Bernanke's words are normally scrutinized by global investors for hints about the Fed's possible next move on interest rates. But in his remarks in Princeton, N.J., he scarcely mentions economics.
Instead, he's taking a poke at his profession. "Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong," he says in prepared remarks. "About the future, not so much."
Bernanke offered nothing that could be taken as a hint of when the Fed might begin to taper its $85 billion-a-month in bond purchases.