Ben Bernanke said that economic growth will slow

November 9, 2007 at 11:44 pm | Posted in economy, USA | Leave a comment
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WASHINGTON – Federal Reserve Chairman Ben Bernanke said Thursday that economic growth will slow noticeably in coming months while surging oil costs will raise inflation pressures. But he said the economy is nowhere close to the stagflation nightmare of the 1970s and he predicted an economic rebound by mid-2008.

Bernanke stressed that the central bank, which has cut a key interest rate twice over the past two months, was closely watching developments and would be prepared to respond as needed. However, he stressed that the central bank believes economic risks are roughly balanced at present between the threat of weaker growth and higher inflation.

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