Bernanke: Reducing Unemployment Frustratingly Slow

Posted July 17th, 2012 at 11:25 am (UTC-5)
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U.S. Federal Reserve Chairman Ben Bernanke says the U.S. economic recovery has slowed and it will take a “frustratingly” long time to cut the unemployment rate.

The head of the U.S. central bank spoke at a congressional hearing after reports showed inflation to be relatively mild, while job growth and retail sales were disappointing.

Bernanke said the Fed is ready to take further action to bolster growth if needed, but did not announce any specific new steps.

The Fed has already cut interest rates to nearly zero and used a complex process of bond purchases in another effort to stimulate the economy.