HEINDRICK SO

Today, Bernanke presented himself and a testimonial to the House Financial Services Committee.  In his testimony, he clearly acknowledges the economy’s slowing growth and that housing will continue to slow economic growth in the “coming quarters”.  In addition, consumer spending has slowed due to numerous factors and thus contributed to the situation even further.  As a result, Bernanke reiterated “the Fed’s recent promises to act in a timely manner as needed to support growth and provide adequate insurance to downside risks.”

[full story at NYT]

• Bernanke indicates in Mid-February of more rate cuts to come in Mid-March