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Bernanke: Gloomy on growth

Published 06/03/08 Economy In Crisis - Print Article
E-mail - editor@economyincisis.org

Source CNN Money:

Federal Reserve Chairman Ben Bernanke painted a gloomy picture of the economy on Tuesday but hinted that the central bank was prepared to hold steady on interest rate cuts.

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"[H]ouseholds continue to face significant headwinds, including falling house prices, a softer job market, tighter credit, and higher energy prices, and consumer sentiment has declined sharply since the fall," said Bernanke, addressing the International Monetary Conference in Barcelona via satellite.

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