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Bernanke unperturbed by subprime

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Ben Bernanke, the Federal Reserve chairman, said yesterday that he did not believe the mounting problems in the nation’s mortgage industry would negatively affect the U.S. economy. “The impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained,” he said. Bernanke continued to cite inflation as his primary concern. Last week the Federal Reserve left interest rates unchanged, and Bernanke said the Fed has given itself the “flexibility” to adjust rates if the economy does take a turn for the worse. more [NYT]

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