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Bernanke Sees Risks to Economy

Fed chairman cites Europes debt crisis and U.S. fiscal cliff.

By Joshua Zumbrun and Jeff Kearns, Bloomberg | Updated on June 07, 2012

Federal Reserve Chairman Ben S. Bernanke said the economy is at risk from Europe’s debt crisis and the prospect of fiscal tightening in the U.S., while refraining from discussing steps the central bank might take to protect the expansion.

“The situation in Europe poses significant risks to the U.S. financial system and economy and must be monitored closely,” Bernanke said today in testimony to the Joint Economic Committee in Washington. “As always, the Federal Reserve remains prepared to take action as needed to protect the U.S. financial system and economy in the event that financial stresses escalate.”

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