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Bernanke Hints at More Rate Cuts

The Associated Press

By Jeannine Aversa

WASHINGTON -- Federal Reserve Chairman Ben Bernanke is pledging to work closely with other central banks to fix global financial problems and is leaving open the door to a fresh interest rate cut to help brace the sinking U.S. economy.

In remarks prepared for a central banking conference in Frankfurt, Germany, Bernanke says "continuing volatility of markets and recent indicators of economic performance confirm that challenges remain."

He adds that policymakers remain in close contact, are monitoring developments closely "and stand ready to take additional steps should conditions warrant."

Bernanke's complete speech can be found on the Fed's Web site.