Updated from 12:27 p.m. EDT
Federal Reserve Chairman Ben Bernanke on Wednesday acknowledged the possibility of recession, as lawmakers grilled him on the government's bailout of Bear Stearns (BSC Quote) and the merits of federal aid for struggling homeowners.
In his latest economic forecast, Bernanke predicted that real GDP "will not grow much, if at all, over the first half of 2008 and could even contract slightly." He later crossed a rhetorical line for government officials by acknowledging that "recession is possible" for the economy this year in response to a question. A recession is widely defined as two straight quarters of contraction in GDP growth.
Bernanke appeared to be backing off his previous expectation of "moderate growth" expressed in the Fed's March 18 policy statement. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,281.05 | 1,088.31 | 2,124.70 | 32.25 |
Oil *
77.38
|
|
DOWN
28.87
|
DOWN
3.18
|
DOWN
13.74
|
DOWN
0.06
|
10 Yr
3.22%
SPDR Gold
114.89
|
|
-0.28%
|
-0.29%
|
-0.64%
|
-0.19%
|
Data delayed 20 minutes |
Connect with TheStreet