From the New York Times: "Mr. Bernanke said that while the pace of the economic decline appears to have slowed, the Federal Reserve would probably keep interest rates at 'exceptionally low levels for extended periods' because of persistent weakness in the labor market."
Federal Reserve Chairman Benjamin Bernanke spoke before the House Financial Services Committee. His remarks are included on the hearing web page.
In related news, the Special Inspector General for the Troubled Asset Relief Program, Neil M. Barofsky, issued the Quarterly Report to Congress today.
Sources: Shih, G. (21 July 2009). "Fed Chief Says Pace of Decline Seems to Have Slowed." New York Times.
Kuhnhenn, J. (20 July 2009). "US financial market bailout tab hits $4.7 trillion." Business Week.
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