SEN. CASEY: I have two questions on that. Number one is, as a result of that -- the implementation of that policy, how much of a decline in long- term interest rates would you expect?
MR. BERNANKE: Well, we would expect something on the order of 20 basis points, approximately. We see this as being roughly approximately equal to something like a 50-basis-point cut in the federal funds rate. In that respect, it's a significant step but not a game changer in some respects.
SEN. CASEY: And in terms of the intended or hoped-for economic boost from that, what's your sense of that? How can you assess that?
MR. BERNANKE: Well, we think this is a meaningful but not an enormous support to the economy. I think it will provide some additional monetary policy accommodation. It should help somewhat on job creation and growth. It's particularly important now that the economy is close -- the recovery is close to faltering. We need to make sure that the recovery continues and doesn't drop back and that the unemployment rate continues to fall downward.
So I don't have a precise number, but I would just put it as a moderate support, not something that is expected to radically change the picture, but what should be helpful both in keeping prices near the price stability level but also providing some support for growth.
From the Q&A session