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The Fed Chairman Testifies "Uncertainties...Have Increased"

The Fed Chairman Testifies "Uncertainties...Have Increased"
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The chairman of the Federal Reserve acknowledged today that "uncertainties" about the economic outlook have "increased somewhat in recent weeks" and that "turmoil" in the market for subprime home mortgages has created "severe financial problems for many individuals and families."

But Ben S. Bernanke, the Fed chairman, reiterated in testimony before the Joint Economic Committee of Congress his broadly sanguine view that the United States economy was likely to expand at a moderate pace this year and that inflation was likely to slightly decline.

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