Federal Reserve System (FRS) of USA is ready to begin the phasing out of incentives for the foreseeable future, and even raise interest rates, though not yet ready to call a specific time frame for this process.

A statement by the U.S. Federal Reserve head Ben Bernanke has been circulated today in Washington.

In a speech prepared for the Committee on Financial Services House of Representatives, B. Bernanke noted the improvement of economic situation in the country because of what the demand for separate anti-crisis tools the U.S. Federal Reserve began to fall. In this regard, the FRS has begun to exit strategies stimulating economy.

"Although at present the U.S. economy continues to feel the need to support adaptive monetary policy, at some point the FRS will need to tighten financial conditions," - emphasizes B. Bernanke.

In particular, it’s proposed to begin with the "evacuation" of excess funds from the market, which could then allow the FRS to raise its discount rate that is situated at a record low level 0-0,25% per annum since December 2008. Previously, FRS lowered the rate to its lowest level in order to provide the necessary monetary conditions for the early withdrawal of the economy from recession.

Since then, economical system received more than $1 trillion, some of which are now scheduled to gradually withdraw from the market. Partially planned to get rid of and bought up during the crisis of the securities. However, stipulates B. Bernanke, in the short term is unlikely to happen at least until such time as there is no confidence in the sustainable growth of the economy.

The above measures as well as several others will be introduced gradually to assess the readiness of economies and to tighten monetary policy. The real tightening will be marked by increase in the discount rate, but if the economy will recover faster than expected, the scale of applicable measures will increase along with a further increase in the discount rate the U.S. FRS.

B. Bernanke was going to deliver this speech in the House of Representatives today, but due to heavy snow that had paralyzed the movement in Washington, visit of the Fed in Congress had been postponed. Nevertheless, the press office of the Federal Reserve decided to publish the much-anticipated speech markets.

The American stock market regarded the information as an indication of an early rate hike, and leading indices made their way down. The dollar, by contrast, got stronger relative to the euro and the yen. As a consequence of strengthening U.S. currency, fell and crude oil (about $ 1).