US Economy - Fed chief: Outlook for U.S. economy has worsened - by Yan Liang
.S. Federal Reserve Chairman Ben Bernanke told Congress Thursday that the outlook for the economy has worsened in recent months and the central bank is ready to act "as needed" to support growth. Although the forecast envisions an improving picture, Bernanke said "it is important to recognize that downside risks to growth remain, including the possibilities that the housing market or the labor market may deteriorate to an extent beyond that currently anticipated, or that credit conditions may tighten substantially further." The Fed will be carefully evaluating incoming information bearing on the economic outlook and "will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks," the central bank chief said.
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