Berkeley CSUA MOTD:Entry 46127
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2007/3/28 [Reference/RealEstate] UID:46127 Activity:nil
3/28    http://www.forbes.com/markets/feeds/afx/2007/03/28/afx3559835.html
        Bernanke:  "At this juncture ... the impact on the broader economy and
        financial markets of the problems in the subprime markets seems likely
        to be contained" ... Consumer spending likely to sustain "moderate"
        growth in economy.
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Cache (2887 bytes)
www.forbes.com/markets/feeds/afx/2007/03/28/afx3559835.html
the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,' Bernanke said in prepared testimony to lawmakers on the Joint Economic Committee. Though he said the turmoil in the subprime sector on the rest of the housing sector remains 'unclear' and that the near-term outlook remains 'uncertain', Bernanke added that the prime mortgage market continues to 'perform well' and that the housing market's weakness has not yet spilt over into the broader economy. Bernanke added the Fed will continue to monitor the mortgage sector 'closely'. Today's remarks are Bernanke's most extensive discussion yet of the mounting problems in the risky mortgage market. Fallout in the risky mortgage market is clobbering some lenders and homeowners and has stoked concerns on Wall Street, Capitol Hill and elsewhere. So-called 'subprime' lenders who make home loans to people with blemished credit histories or low incomes have been battered. Weak home prices and rising interest rates have made it increasingly difficult for borrowers to keep up with their payments. Delinquencies and foreclosures in the subprime mortgage market are soaring. Even so, Bernanke stuck with the Fed's most recent assessment that the US economy is likely to continue to grow at a moderate pace this year with consumer spending to support growth and business investment growing moderately. He also said core inflation in the US remains 'uncomfortably high' but is likely to moderate 'gradually' over time. He added that wage inflation does 'not necessarily portend' higher inflation. Overall, Bernanke said future interest rate decisions will depend on what happens to US economic growth as well as inflation. Bernanke said the FOMC's main concern is that core inflation rates in the US will not moderate as much as anticipated. The Fed last week kept its benchmark rate unchanged at 525 pct, adding that the data have supported the view that current policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited Neither the Subscriber nor AFX News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon.