Първоначално изпратено от Han Krum
FED: Bernanke's testimony to House: Nothing new, consistent with a
steady Fed and all prior statements. He says slower econ pace reflects
hsg adjustment but econ 'appears likely to expand at a moderate pace' in
H2, then strengthen in '08 to closer to trend as hsg drag diminishes.
Reiterates that upside infl risks are predominant concern, and that infl
lags so FOMC must pay most attention to the outlook. "If energy prices
level off" overall infl should slow to core rate. Adds 4 pgs on how Fed
is adding consumer protections in light of subprime problems - will
encourage disclosure & prudent loan modifications, address deceptive
practices, work with other regulators. Credit spreads are still low even
after widening. Central Tendencies: real growth +2.25-2.5% in '07 and
2.5-2.75% in '08 (lowered due to weak res construction); core PCE prices
+2-2.25% in 07 and +1.75-2% in 08 (unch from Feb).
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