Bernanke says inflation risks remain
Federal Reserve chief, speaking in South Africa, notes that U.S. economy is poised to grow at a sluggish pace in months ahead.
June 5 2007: 8:37 AM EDT
WASHINGTON (Reuters) -- The U.S. economy is set to grow at a sluggish pace in coming months, but there are risks that elevated levels of inflation excluding food and energy may not recede, Federal Reserve Chairman Ben Bernanke said Tuesday.
"Although core inflation seems likely to moderate gradually over time, the risks to this forecast remain to the upside," Bernanke said in remarks prepared for delivery to a monetary policy conference in Cape Town, South Africa.
Weakness in the housing sector is likely to restrain economic growth longer than expected, Bernanke said.
"The adjustment in the housing sector is still ongoing, and the slowdown in residential construction now appears likely to remain a drag on economic growth for somewhat longer than previously expected," he said.
Federal Reserve chief, speaking in South Africa, notes that U.S. economy is poised to grow at a sluggish pace in months ahead.
June 5 2007: 8:37 AM EDT
WASHINGTON (Reuters) -- The U.S. economy is set to grow at a sluggish pace in coming months, but there are risks that elevated levels of inflation excluding food and energy may not recede, Federal Reserve Chairman Ben Bernanke said Tuesday.
"Although core inflation seems likely to moderate gradually over time, the risks to this forecast remain to the upside," Bernanke said in remarks prepared for delivery to a monetary policy conference in Cape Town, South Africa.
Weakness in the housing sector is likely to restrain economic growth longer than expected, Bernanke said.
"The adjustment in the housing sector is still ongoing, and the slowdown in residential construction now appears likely to remain a drag on economic growth for somewhat longer than previously expected," he said.
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