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Bernanke Speech: Uncertainties Surround Fed's Outlook

Here's the likely headline from Federal Reserve Chairman Ben Bernanke's speech in New York City today: core inflation is still "uncomfortably high." AND Bernanke warned it--would be "especially troublesome" if inflation doesn't moderate as he and other Fed officials expect.

The Fed Chairman also spoke a great deal about the impact of the housing market. He feels the effects of the housing correction are likely to persist into next year--but overall the economy is likely to expand at a moderate pace going forward.

On Power Lunch--Deutsche Bank's Gary Pollack told Bill Griffeth and Sue Herera that when the Fed does move interest rates-he expects potential weakness in the economy to be a strong factor.

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