Bernanke: No economy boost from Fed

US Federal Reserve chairman Ben Bernanke is proposing no new steps by the Fed to boost the economy while hinting that Congress may need to act to stimulate hiring and growth.

US Federal Reserve chairman Ben Bernanke is proposing no new steps by the Fed to boost the economy while hinting that Congress may need to act to stimulate hiring and growth.

He says that while record-low interest rates will promote growth over time, the weak economy requires further help in the short run.

He was speaking at an annual economic conference in Jackson Hole, Wyoming.

His speech follows news that the economy grew at an annual rate of just 1% this spring and 0.7% for the first six months of the year.

Only slightly healthier expansion is foreseen for the second half.

Bernanke says he is optimistic that the job market and the economy will return to full health in the long run.

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