Bernanke Cautious on Economic Growth as Oil Prices Rise

NY Times reports that on Tuesday, Ben S. Bernanke expressed confidence that the U.S. economy would continue to grow in 2011 despite growing oil prices and a weak housing market.

The market news is quoted as saying:

Mr. Bernanke also cautioned that a sustained rise in oil prices could be a threat to the economy, but he noted that the probable outcome of the higher prices was a temporary and modest increase in consumer inflation.

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