WASHINGTON: Federal Reserve Chairman Ben S. Bernanke failed to convince investors that there’s no need for further interest rate cuts soon.
Bernanke told lawmakers here on Thursday that officials already expect the economy to “slow noticeably” this quarter, and warned of “upside risks” to inflation. Futures traders focused on his growth comments, increasing the odds of a quarter-point cut in the benchmark rate on Dec 11 to about 90%, from 70% a day earlier.
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