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Article: U.S.: FEDERAL RESERVE CHAIRMAN FORECASTS SLUGGISH ECONOMY.
- Article from:
- Interpress Service
- Article date:
- November 9, 2007
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By Abid Aslam
WASHINGTON, Nov. 8, 2007 (IPS/GIN) -- The U.S. economy will slow down and face increased inflation pressure in coming months, but it will likely be spared the crippling stagflation that occurred in the 1970s, the central bank chief predicted Thursday.
Ben Bernanke, the Federal Reserve chairman, explained to the congressional Joint Economic Committee that the credit crunch, housing slump and market turmoil stemming from shaky U.S. home loans have proven more pronounced than anticipated and therefore portend sluggish economic performance into early 2008. At the same time, rocketing energy prices and a weak dollar have brought inflationary ...