Recession, Ben Bernanke | featured news

Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year.

The U.S. economy is not fully recovered from its deep recession with housing still weighing on growth, Federal Reserve Chairman Ben Bernanke said on Friday in a speech on the importance of community development.

U.S. stocks edged higher, bolstered by U.S. Federal Reserve Chairman Ben Bernanke's comments that the economy is unlikely to slide into a second recession, but worries about European finances persisted after Fitch Ratings warned that the U.K. faces budget challenges.

Despite the positive signs, Ben S. Bernanke told lawmakers, the labor market remains weak, and interest rates will likely remain low for some time.

Investors were buoyed by comments on the US economy from the Federal Reserve chairman Ben Bernanke and sent stocks mostly higher Monday.

Federal Reserve chairman Ben Bernanke warns Congress that the US recession may last beyond the end of the year.