National News

Fed Chairman gloomy on economic outlookFederal Reserve Chairman Ben Bernanke gave lawmakers a gloomy economic forecast for the remainder of the year in July 15 testimony before the Senate Banking Committee. “The economy continues to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labor market, and rising prices of oil, food, and some other commodities,” Bernanke said. The combination of rising commodity prices and tighter credit “has sapped household purchasing power even as they have boosted inflation,” Bernanke said. Even though spending has generally held up, Bernanke added that . . .

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