Bernanke cites concerns with economy
Fed chief Ben Bernanke told Congress today that core inflation shows signs of increasing, the Gross Domestic Product isn't looking so hot and, oh yes, there's that subprime mortgage thing.
Federal Reserve Chairman Ben Bernanke testifies before the House Financial Services Committee today. (Chip Somodevilla, Getty Images)
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Kai Ryssdal: The chairman of the Federal Reserve Bank of the United States spent some quality time with Congress today. If you've been paying attention, you'll recall Mr. Bernanke's been saying for a good long while now that although inflation's his main worry, he's sure it's all gonna be okay in the end.
Today, he wasn't quite so sanguine. He said the trend we've been seeing of core inflation holding steady might just be temporary. Core inflation, of course, being the number that doesn't even count food and energy costs.
He had some other things on his mind, too. That Gross Domestic Product is going to be kind of so-so for the rest of the year and into next. And that whole subprime mortgage thing? We're not done yet.
Ben Bernanke: Rising delinquencies in foreclosures are creating personal, economic and social distress for many homeowners and communities. Problems that likely will get worse before they get better.
