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Ben Bernanke: â€œThe European debt crisis is likely to have only a "modest" impact on the U.S. economic recovery as long as Wall Street stabilizesâ€

Ben Bernanke: â€œThe European debt crisis is likely to have only a "modest" impact on the U.S. economic recovery as long as Wall Street stabilizesâ€

10 June 2010 09:30 (UTC +04:00)

Baku - APA-Economics. The European debt crisis is likely to have only a "modest" impact on the U.S. economic recovery as long as Wall Street stabilizes, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday, AssociatedPress reported.

Testifying before the House Budget Committee, Bernanke struck a more confident tone that the recovery will remain intact despite problems in Europe as well as stubbornly high unemployment and a fragile housing market here at home.

However, the pace of the expansion â€” 3.5 percent this year by the Fed’s estimate â€” won’t be strong enough to quickly bring relief to the 15 million Americans who are unemployed. The unemployment rate, now at 9.7 percent, would likely see only a "slow reduction," Bernanke warned.

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