Bernanke 'ready' for more support

13 July 2011 Last updated at 15:09 GMT Ben Bernanke said the Fed expects to keep interest rates near zero "for an extended period" The chairman of the Federal Reserve, Ben Bernanke, has said the US central bank is prepared to renew stimulus efforts if the economy remains weak.

The Fed's second quantitative easing programme (QE2) ended two weeks ago.

Speaking to members of Congress, Mr Bernanke also said the US could expect only "moderate" growth over the coming quarters.

He added that the inflation pressures seen in the first half of 2011 were "transitory" and should ease.

He cited higher commodity prices and the earthquake in Japan, which led to parts shortages and drove up vehicle prices, as reasons for why inflation picked up.

The Fed expects to keep its ultra-low interest rate policy in place "for an extended period", he said.

The dollar extended earlier losses against the euro following Mr Bernanke's comments, with the euro rising more than a cent to $1.4088.

Revised forecasts

"Once the temporary shocks that have been holding down economic activity pass, we expect to again see the effects of policy accommodation reflected in stronger economic activity and job creation," Mr Bernanke said.

"However, given the range of uncertainties about the strength of the recovery and prospects for inflation over the medium term, the Federal Reserve remains prepared to respond should economic developments indicate that an adjustment in the stance of monetary policy would be appropriate."

He added that Fed forecasts for June, which had already been significantly revised down from April, had not incorporated recent data such as last week's employment report.

That data showed that job creation all but ground to a halt last month, with only 18,000 new jobs created, and the unemployment rate rising to 9.2%.

Analysts said that Mr Bernanke had only raised the possibility of a further stimulus, and was not saying that it was necessary.

"In general, Bernanke's testimony has not changed our view that monetary policy is on hold," said Dana Saporta, economist at Credit Suisse in New York.

"The hurdle for a QE3 is too high right now, but if the European peripheral crisis intensifies, further policy accommodation might be considered."

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Revellers ready for T in the Park

8 July 2011 Last updated at 13:08 GMT Campers have been arriving ahead of a weekend of music across 11 stages Thousands of people have begun gathering in Perth and Kinross for Scotland's largest music festival.

Two hundred acts will appear over 11 stages during the T in the Park festival, which runs until Sunday.

Those performing include Arctic Monkeys, Foo Fighters, Tom Jones and Eliza Doolittle.

About 85,000 people are expected to visit the festival in Balado, near Kinross, with many arriving on Thursday evening to set up camp.

Five thousand extra camping spaces were made available this year in a bid to spread arrivals and ease the traffic congestion of previous years.

Ecstasy warning

But campers are facing the prospect of gloomy weather, with heavy rain forecast throughout the weekend.

Hours before the first acts take to the stage, Tayside Police reminded festival-goers that the use or dealing of illegal drugs will be dealt with in a "robust way".

The force has also warned people about the dangers of high-strength ecstasy following recent deaths linked to the drug, which police say is sold for about ?10 a pill.

Ch Supt Craig Suttie, event commander for T in the Park, said: "We are aware of ecstasy tablet that is being pedalled in certain parts of Scotland that is reported to be six times the strength of other ecstasy pills.

"Clearly, anyone who takes such a drug is dicing with death. Indeed, anyone who takes drugs can have no inkling of what its strength is or what other chemicals it might contain.

"Please listen to the advice and avoid drugs altogether."

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Nadal ready to face Djokovic test

By Piers Newbery
BBC Sport at Wimbledon Venue: All England Club, LondonDate: 20 June-3 JulyCoverage: Live on BBC One, Two, 3D, HD, Red Button, online (UK only), Radio 5 live, 5 live sports extra; live text commentary from 1200 BST on BBC Sport website (#bbctennis); watch again on iPlayer The Champion: Road to the men's Wimbledon final (UK only)

Rafael Nadal can take some measure of revenge for losing his world number one ranking to Novak Djokovic when the pair meet in Sunday's Wimbledon final.

Djokovic will overtake the Spaniard at the top of the standings on Monday, no matter what the result on Centre Court.

But Nadal is focused on winning a third Wimbledon and 11th Grand Slam title.

And the gulf in experience is marked as the Majorcan prepares to appear in his fifth straight final at the All England Club, and Djokovic his first.

"It's something very important for me," said Nadal. "I never thought I'm going to be able to play five finals. I think it's a great effort after years without a Spaniard playing the semi-finals or finals here."

Nadal is on a 20-match winning streak at Wimbledon, with his last defeat coming in the 2007 final against Roger Federer, and the only interruption when he missed the 2009 tournament through injury.

Continue reading the main story John McEnroe,
Former Wimbledon champion & BBC Sport commentator

In my book, whoever wins the match on Sunday will be number one at that time - forget what the computer says on Monday

However, Sunday's final will be his fifth meeting with Djokovic this year and the Serbian comes into it having won all four to date as he has enjoyed the second-best start to a year in modern tennis history.

The 24-year-old has amassed a 47-1 record in 2011, his only defeat coming against Roger Federer in the French Open semi-finals, and he beat Nadal in the finals in Miami, Indian Wells, Madrid and Rome.

"His mental position over me today is probably a little better because he won the last four finals against me," said Nadal. "I'll try my best. I think I'm playing well, really well.

"Probably he's defending a little better than previous years but in my opinion, his general game, his total game, is really complete. His biggest ability is to take the ball very early. That's something very difficult. Roger does it very well too."

Overcoming Djokovic will not rescue his number one ranking but it would move the Spaniard on to 11 Grand Slam titles, five behind Federer's record tally of 16.

"I care about records, I care about statistics and I care about the history of tennis, but it's not the right moment for me to talk about that," said Nadal.

"I'm 25 years old. I am playing. We will see when I finish my careeer where I am in the history of tennis. Right now for me, my history is I am in the final of Wimbledon and very happy for that."

Djokovic is through to his first final at Wimbledon, having twice made the semi-finals, and has his sights set on adding to his Grand Slam haul of two Australian Open titles.

Asked if the pressure had been raised by his imminent move to the top of the rankings, Djokovic said: "I don't need to prove anything to anybody, just to myself.

"I want to win this trophy. This has always been my dream, to be in the finals of Wimbledon, so I am very much looking forward to it, very much excited.

"There is no bigger challenge at this point in our sport than playing in the Wimbledon final against Nadal, who has won two out of the last three times here. It's a big match."

Nadal leads their head-to-head 16-11 and, despite having lost the last four, has won all five of their meetings at Grand Slams.

"It is quite different playing Nadal in a Grand Slam because it's a best-of-five," said the Serbian. "So physically we all know that he's superior and he's the strongest player around, the most prepared.

"So I'm ready for long rallies, long points. I need to be physically ready, which I am. I feel fit in this moment and mentally obviously motivated. It's my first Wimbledon final.

"The four times I won against him this year can probably help me in some ways mentally prior to this match."

And asked whether victory on Sunday would outdo the achievement of becoming number one, Djokovic said: "Yes, because it's Wimbledon. It's just simply something I've dreamed of forever."

Pundit's picks - Sue Barker and John Inverdale

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Murray ready for Nadal challenge

By Piers Newbery
BBC Sport at Wimbledon Venue: All England Club, LondonDate: 20 June-3 JulyCoverage: Live on BBC One, Two, 3D, HD, Red Button, online (UK only), Radio 5 live, 5 live sports extra; live text commentary from 0900 BST on BBC Sport website (#bbctennis); watch again on iPlayerRelaxed Murray ready to 'up his game'

Andy Murray faces the daunting challenge of defeating defending champion Rafael Nadal on Friday if he is to reach his first Wimbledon final.

The British number one has the chance to make up for defeat by Nadal in last year's semi-finals when they meet in Friday's second match on Centre Court.

Novak Djokovic and Jo-Wilfried Tsonga open play in the first semi-final, which begins at 1300 BST.

Victory will ensure the Serbian becomes world number one next week.

Having lost just one match in 2011, another win will mean Djokovic has done enough to overhaul Nadal at the top of the standings no matter how the Spaniard fares against Murray.

Nadal needs no extra motivation as he closes in on an 11th Grand Slam title and his third at the All England Club, where he is on a 19-match unbeaten run.

As the two-time champion, and with an 11-4 head-to-head record against Murray that includes wins at Wimbledon in 2010 and 2008, Nadal is a strong favourite once again.

Both men have had injury concerns during the tournament, Nadal to his foot and Murray his hip, but the two came through practice sessions at Wimbledon apparently unscathed on Thursday.

"I feel fine, I'm just looking forward to tomorrow now," Murray told BBC Sport after practising. "I'll do all the right preparation and recovery stuff and try and play my best tomorrow."

And the 24-year-old Scot is not intimidated by the prospect of another meeting with Nadal, who beat him in the French Open semi-finals just four weeks ago, as well as in that Wimbledon semi-final of 2010.

"I believe I can win against him," said Murray. "I had chances last year. I was a break up in the third set, had break point on my serve in the second set - I think there was only one break in the first set. We both played good tennis.

Nadal is the best - Murray

"I just have to have a better game plan. Sometimes it comes down to strategy, sometimes it comes down to having experience. I just have to go out there and play well, serve well, and believe I'll have a chance."

Nadal is certainly taking nothing for granted, having lost to Murray in Grand Slams before - in the 2008 US Open semi-finals and the 2010 Australian Open quarter-finals.

"Every year is a different situation," said the 25-year-old Majorcan. "Last year I beat him here in the semi-finals bit it was a very close match, even if it was in straight sets. In the second set he had a set point on his serve.

"So the match will be very difficult for me, I think he's playing at a very, very high level."

One concern for Nadal has been a foot injury picked up in his fourth-round win over Juan Martin del Potro that briefly threatened his continuing participation in the tournament, and it remains an issue.

"My foot is not fine," he said, adding: "I have pain in the foot, I cannot run in perfect conditions without [an injection]. But with the anaesthetic, I don't feel the pain."

Murray sweeps into semi-finals

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