Testimony by Chairman Ben S. Bernanke – Economic and financial conditions and the federal budget, before the Committee on the Budget, U.S. House of Representatives, Washington, D.C., June 9, 2010
“The recovery in economic activity that began in the second half of last year has continued at a moderate pace so far this year. Moreover, the economy–supported by stimulative monetary policy and the concerted efforts of policymakers to stabilize the financial system–appears to be on track to continue to expand through this year and next. The latest economic projections of Federal Reserve Governors and Reserve Bank presidents, which were made near the end of April, anticipate that real gross domestic product (GDP) will grow in the neighborhood of 3-1/2 percent over the course of 2010 as a whole and at a somewhat faster pace next year.1 This pace of growth, were it to be realized, would probably be associated with only a slow reduction in the unemployment rate over time. In this environment, inflation is likely to remain subdued.”
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