Bernanke Says U.S. Inflation Should Slow Into 2009 |
| Bloomberg - Aug 22, 2008 |
Federal Reserve Chairman Ben S. Bernanke said inflation should ease later this year and in 2009, while warning that policy makers will act if price increases don't slow over the ``medium term.''
A recovery in the dollar and declines in commodity prices ``should lead inflation to moderate,'' Bernanke said in a speech to the annual Fed conference in Jackson Hole, Wyoming today. The Fed ``is committed to achieving medium-term price stability and will act as necessary to obtain that objective,'' he said.
The Fed chief said the benchmark interest rate is ``relatively low'' given an increase in price pressures. Financial turmoil has ``not yet subsided,'' and is contributing to weaker economic growth and higher unemployment, he said.
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- Posted: 2008-08-22 10:19:23
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