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Bernanke is defending his legacy before stepping down, saying QE works well enough

Federal Reserve Chairman Ben Bernanke defended quantitative easing, saying it has helped the economy and shows no immediate sign of creating a bubble in asset prices.

“We don’t think that financial stability concerns should at this point detract from the need for monetary policy accommodation which we are continuing to provide,” he said today.

Bernanke said of all the concerns raised about bond buying by the Fed, the risk it could prompt financial instability is“the only one I find personally credible.” Currently, asset prices are broadly in line with historical norms, he said.

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