Federal Reserve Chairman Ben Bernanke warned Congress that the economy may shrink over the first half of this year, saying "a recession is possible." Yet, he didn't offer any assurances of further interest rate cuts.
Bernanke's testimony to the Joint Economic Committee was a much more pessimistic assessment of the economy's immediate prospects amid a trio of crises -- housing, credit and financial.
"It now appears likely that gross domestic product (GDP) will not grow much, if at all, over the first half of 2008 and could even contract slightly," Bernanke told lawmakers.
GDP measures the value of all goods and services produced within the United States and is the best barometer of the United States' economic health. Under one rule, six straight months of declining GDP, would constitute a recession.
That leads to our Fast Money Reader Poll. Do you think the Fed should cut rates again?
> Bernanke Says Recession Possible; Rate Cut Unclear
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