National

Feb 24, 2010 10:13 AM by Associated Press

Bernanke: Record-low rates still needed

Federal Reserve Chairman Ben Bernanke tells Congress that record-low interest rates are still needed to ensure that the economic recovery will last and to help cushion the sting of high unemployment.

Delivering his twice-a-year economic report to the House Financial Services Committee, Bernanke strikes a confident tone that the recovery should endure. But he also seeks to tamp down expectations.

The moderate economic growth the Fed expects will lead to only a slow decline in the nation's nearly double-digit unemployment rate, he says.

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