Fed Chairman Ben Bernanke says recovery's pace will quicken soon
Reporting from Washington— Federal Reserve Chairman Ben S. Bernanke, facing an economy and job market that are growing at a snail's pace, on Wednesday stuck to the view that temporary factors were behind the recent slowdown and that the recovery would pick up speed in the coming months.
In his semiannual report to Congress on the economy and monetary policy, the Fed chairman said that the "apparent stabilization in the prices of oil and other commodities should ease the pressure on household budgets." He added that the economy should also get a lift this summer as car manufacturers increase production after cutting back because of disruptions from the earthquake and tsunami in Japan.
"The anticipated pickups in economic activity and job creation, together with the expected easing of price pressures, should bolster real household income, confidence, and spending in the medium run," he said in prepared remarks to the House Financial Services Committee.