The AP reports Bernanke held out the prospect of further Fed actions to help the economy but offered no new plans.
“It is difficult to judge by how much these developments have affected economic activity thus far,” Bernanke said. “But there seems little doubt that they have hurt household and business confidence and that they pose ongoing risks to growth.”
The downturn in the housing market has also delayed recovery in the broader economy, Bernanke said. The economy grew one percent in the April-June quarter, according to a report from the Bureau of Economic Analysis released Friday.
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