Federal Reserve Chairman Ben Bernanke said the U.S. central bank will act as needed to ensure beleaguered housing and credit markets do not further undermine an already sluggish economy.
It is important to recognize that downside risks to growth remain," Bernanke said in testimony prepared for delivery the House Financial Services Committee.
Bernanke's comments suggested the Fed is prepared to reduce borrowing costs further, even though he also said the central bank had to keep a close watch on prices. The dollar hit a
record low against the euro, while stocks stayed in negative territory after the testimony was released.
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