Ben Bernanke predicted that a “moderate economic recovery” would unfold in the US over the next several quarters on the back of stronger spending by businesses and consumers.
In testimony before the Joint Economic Committee in Congress yesterday, which coincided with the release of unexpectedly strong retail sales data for March, the Federal Reserve chairman offered a slightly more upbeat outlook than he had previously.
“It looks like we're on a path to moderate recovery and that the risk of a double-dip [recession], while certainly not negligible, is certainly less than it was a few months ago,” he said. “That being said, there are any number of possible things that could derail it.”
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