At the September meeting, policy makers will update their forecasts for growth, unemployment, inflation and interest rates before Bernanke holds a press conference. He doesn't plan a press conference today.

Bernanke in congressional testimony last month said the central bank may ease further should U.S. employment fail to steadily improve. A Labor Department report on Aug. 3 will probably show that the economy added 100,000 jobs in July, while the jobless rate was unchanged at 8.2 percent, according to the median estimate in a Bloomberg News survey of economists.

"It's very important that we see sustained progress in the labor market and avoid deflation risk," Bernanke said in July. "Those are the things we'll be looking at as the committee meets later this month and later this summer."

The Fed is also watching "two main sources of risk," Bernanke said. The first is the so-called fiscal cliff, about $600 billion of spending cuts and tax increases that will go into force in January and impair growth unless Congress acts.

Stopgap Measure

Congressional leaders said yesterday they will vote in September on a $1.047 trillion, six-month stopgap measure that would keep the government operating after the start of the fiscal year on Oct. 1. The measure would give lawmakers more time to debate how to avoid the fiscal cliff.

The second risk is that the European debt crisis will create turmoil in global financial markets, Bernanke said.

ECB President Mario Draghi is attempting to build consensus among governments and central bankers for a plan to ease borrowing costs in Spain and Italy before policy makers convene tomorrow. Also tomorrow, the Bank of England in a statement will probably maintain its bond purchase program.

Draghi sparked a global market rally last week with a pledge to do "whatever it takes to preserve the euro." Last month, the ECB cut its benchmark interest rate to a record low of 0.75 percent.

U.S. stocks have risen on speculation the Fed will continue to add stimulus and as corporate earnings have beaten estimates. The Standard & Poor's 500 Index has rallied 9.7 percent this year through yesterday and remains near a three-month closing high of 1,385.97 on July 27. All 10 industry groups have advanced. The S&P 500 closed yesterday at 1,379.32.

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