Bernanke Expects Extended Low Rates

(From the N.Y. Times) Ben S. Bernanke, the Federal Reserve chairman, told Congress on Wednesday that the central bank did not intend to start raising short-term interest rates anytime soon, saying the economic recovery would remain halting for many more months.

Bernanke’s Opening Statement (CNBC) In presenting the Fed’s semiannual monetary report to Congress, he did not waver from his recent statements on monetary policy. And the reassurance helped lift the stock market, even as a new report showed a drop in sales of new homes.

It was Mr. Bernanke’s first testimony since a grueling confirmation process ended last month, when the Senate gave him a second term as chairman by the narrowest margin in the Fed’s history.

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