您现在的位置: > Language Tips > Audio & Video > Normal Speed News  
 





 
Bernanke foresees subdued growth but no recession
[ 2007-07-19 10:10 ]


Download

 

The head of the U.S. Federal Reserve Board, Ben Bernanke, Wednesday told a congressional committee that the subdued pace of U.S. economic expansion should pick up slightly in the months ahead. VOA's Barry Wood has more on his testimony.

While some economists fear that higher oil prices and a weak housing sector could trigger recession, Federal Reserve Chairman Bernanke disagrees. He further suggests that the inflationary impact of a three-year-long increase in oil prices is being contained. He told the congressional panel he expects growth will gain momentum during the remainder of this year.

"The central tendency of the growth forecasts, which are conditioned on the assumption of appropriate monetary policy, is for real gross domestic product to expand by 2.25 to 2.5 percent this year and 2.5 to 2.75 percent in 2008," said Bernanke. "The forecasted performance for this year is about one quarter percent below what was expected in [last] February."

Slower growth over the past year, he said, results from weakness in housing.

In his appearance before the House Financial Services Committee, Bernanke gave no indication that short-term interest rates would be moving either higher or lower. They have been held steady at 5.25 percent by the central bank for over a year.

Concerning housing, Bernanke said prices are likely to remain weak for some time and there will be more foreclosures on properties where borrowers cannot meet their monthly payments.

The international economy, said Bernanke, is strong and likely to remain so. When asked whether China should float and revalue its currency - something many members of Congress have long been pressing China to do - the Federal Reserve chairman unhesitatingly answered yes. It is, said Bernanke, in China's own interest to have a stronger currency.

"Without a flexible exchange rate, they're unable to run an independent monetary policy," he said. "And they're having some issues now with a bit of inflation and some asset price changes that may reflect excess liquidity in their system.That's a potential problem down the road."

Because China's trade surplus is so high, the foreign currency it has accumulated boosts the domestic money supply, raising the risk of inflationary pressure on the economy.

Referring to America's large trade deficit, Bernanke said while it poses no immediate problem efforts must be made to narrow the trade imbalance.

foreclosure :丧失抵押品赎回权

点击进入更多VOA常速

(来源:VOA  英语点津姗姗编辑

 
 
相关文章 Related Stories
 
Why dollar is world's most traded currency? Where did the dollar sign come from?
         
 
 
 
 
 
         

 

 

 
 

48小时内最热门

     

本频道最新推荐

     
  《欲望城市》(精讲之八)
  US dollar seen as weak, declining further
  A high school reunion in Chicago
  Many US farmers struggle with hot, dry weather
  Democrats outpace Republicans in fundraising

论坛热贴

     
  音像店的地道译法
  亲戚中的大,小,二等等怎么翻译啊?
  如何用英语表达“逼平”?
  how to say "猪瘟"?
  “不服” 怎么翻译!
  请问肥水不留外人田怎么翻译?