Bernanke Punts!

He vowed strong resistance. Whatever it takes! This is NOT a good sign!

JACKSON HOLE, WYOMING (MarketWatch) - Federal Reserve Board chairman Ben Bernanke said Friday that the central bank would not sit idly and let the U.S. economy sink into a period of deflation. "The Federal Open Market Committee will strongly resist deviations from price stability in the downward direction," Bernanke said in a speech opening the Fed's annual summer policy retreat. Bernanke downplayed concern that the economy would fall back into another downturn, or a double-dip recession. He said the economy would continue to grow at a slow pace in the last four months of the year and the pace of growth would pick-up in 2011. Bernanke said the Fed had not agreed on specific criteria or triggers for further easing.