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US recession 'may last into 2010' US recession 'may last into 2010'
(10 minutes later)
US Federal Reserve chief Ben Bernanke has warned Congress that without the right policies from the government, the US recession could last into 2010.US Federal Reserve chief Ben Bernanke has warned Congress that without the right policies from the government, the US recession could last into 2010.
But he said if the Obama administration and the central bank restore some measure of financial stability, 2010 could be a year of recovery.But he said if the Obama administration and the central bank restore some measure of financial stability, 2010 could be a year of recovery.
Mr Bernanke made the comments to the Senate Banking Committee.Mr Bernanke made the comments to the Senate Banking Committee.
He also warned that the global nature of the downturn was a threat because exports would be hit.He also warned that the global nature of the downturn was a threat because exports would be hit.
In its attempts to revive the economy, the Federal Reserve has cut its key interest rate to nearly zero, while the Obama administration has recently signed a $787bn (£546bn) economic stimulus package.In its attempts to revive the economy, the Federal Reserve has cut its key interest rate to nearly zero, while the Obama administration has recently signed a $787bn (£546bn) economic stimulus package.
Mr Bernanke reassured legislators that he was, "committed to using all available tools to stimulate economic activity and to improve financial market functioning".Mr Bernanke reassured legislators that he was, "committed to using all available tools to stimulate economic activity and to improve financial market functioning".