Bernanke's Economic Outlook
Federal Reserve Chairman Ben Bernanke testified in front of Congress' Joint Economic Committee today. His comments today contain no hint of an upcoming Federal Reserve intervention but Bernanke did point out that Fed continues to be "accommodative." Bernanke also states that overall economic growth has improved at a moderate pace and, among others, banking and financial conditions have improved significantly. However, Bernanke also cautions that the depressed housing market, the crisis in Europe, and fiscal policy may have detrimental effects on the U.S. economy going forward. Interestingly, Bernanke also notes that the "apparent slowing in the labor market may have been exaggerated by issues related to seasonal adjustment and the unusually warm weather this past winter."