In the speech, Bernanke said that short-term rates may still need to be higher than usual if long rates reflect small term premiums. He said that the implications for monetary policy of the recent behavior of long-term yields are not at all clear-cut. He doesn’t view the flat US yield curve as being indicative of a significant economic slowdown, but acknowledged they must be closely monitored. Nevertheless, he stressed that the Fed should base monetary policy on a broader range of indicators. Bernanke said that the low yields may reflect high levels of saving in Asian countries and a lack of investment opportunities.

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