Noting the effect of the housing market on the economy (amongst other factors, of course), Fed poster boy Ben S. Bernanke stands at the ready to slash interest rates once more in hopes of averting a possible recession. "[The] economic situation has become distinctly less favorable” quoth Bernanke in a statement before the House Financial Services Committee, where he also pledged to keep close watch on inflation rates which, he admitted, may rise more rapidly than initially predicted back in January. [NYT]
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