Bernanke: Low rates needed to aid economy
WASHINGTON - March 25, 2010 -- Federal Reserve Chairman Ben Bernanke is telling Congress that record-low interest rates are still needed to rev up the economic recovery.
Bernanke, in prepared testimony to the House Financial Services Committee, essentially repeats the Fed's decision last week to hold rates near zero, citing still-fragile economic conditions. Low inflation also gives the Fed leeway to keep rates at rock-bottom levels.
The Fed chief didn't offer new clues about when the central bank might reverse course and start tightening credit. He says that would need to happen when the "expansion matures." Some analysts think higher rates could come in the fall.
economy, ben bernanke, business/finance
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